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