Published: Thursday September 20, 2012 MYT 8:49:00 AM
HDBSVR sees KLCI riding on recovery momentum
KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) expects the FBM KLCI to probably ride on its recovery momentum by extending its cumulative gains of 32.33 points (up 2.0%) chalked up in the past four days.
"Nevertheless, we reckon the benchmark index could struggle to overcome the immediate resistance barrier of 1,655 for the time being," it said on Thursday.
However, HDBSVR said there was no visible lead coming from Wall Street last night. Leading US equity indices were barely up (by between 0.1% and 0.2%) partly due to positive US housing data.
As for Bursa Malaysia, it said stocks that will likely find added interest include Genting Bhd, amid news saying that it might be trimming its near 10% stake in Australia's casino operator Echo Entertainment.
A local news report said WCT had emerged as the frontrunner to secure a RM700mil contract to build a teaching hospital in Sabah.
HDBSVR also said Petra Energy could also see trading interest on news of a risk service contract to develop marginal oilfields with a Canadian-based partner.