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OSK: Local stocks will keep climbing

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OSK: Local stocks will keep climbing Empty OSK: Local stocks will keep climbing

Post by hlk Sat 06 Aug 2011, 12:13

KUALA LUMPUR: The local stock market will keep climbing for the remainder of 2011, amid the current weak global economic sentiment, OSK Research Sdn Bhd said.


The firm would attribute this to the strong news flow with regard to the general election and the Economic Transformation Programme (ETP) initiatives.

"We also felt that domestic factors in the form of the ETP and the impending general election meant that the global market could outperform as long as there was no global meltdown," it said in its latest note.

However, OSK Research said if there is a global recession, the Malaysian market cannot expect to continue climbing this year.

It has recommended six alternative defensive stocks for the longer run that would benefit in the event a recession does set in early.

The alternative stocks recommendation varies from airline, healthcare, media group, food, education and rubber glove stock. They are AirAsia Bhd, KPJ Healthcare Bhd, QL Resources Bhd, Media Chinese International Ltd, SEG International Bhd and Supermax Corp Bhd.

"These stocks will benefit from a drop in incomes and commodity prices and are generally more inward looking as we believe domestic incomes should be more resilient," it said.

OSK Research has given a "buy" call on the six stocks based on a 12-month outlook.
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