Business

Published: Tuesday September 18, 2012 MYT 9:01:00 AM

HDBSVR sees KLCI trading range bound


KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) sees the local stock market probably trading range-bound on Tuesday following the lacklustre overnight close on Wall Street.

It said while Bursa Malaysia was closed on Monday regional bourses posted mixed performances. The day's top performers were Philippines (+0.5%) and India (+0.4%) with China shares listed in Hong Kong (-0.5%) and Korea (-0.3%) coming in as the underperformers. “This suggests that our local stock market may range-bound today. The benchmark FBM KLCI after a rebound of 18.4-point or 1.1% last week will likely be going sideways for the time being with the immediate resistance threshold seen at 1,655,” it said on Tuesday. HDBSVR said as for corporate news, there could be added interest in Tradewinds Corporation, which has received a privatization offer via a selective capital reduction and repayment exercise involving a cash amount of RM1.10 per share.

Also in focus could be Benalec Holdings on a news report it was in negotiations with several foreign tank farm operators to sell reclaimed parcels of land in southern Johor, according to the research house.

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