HDBSVR sees upward bias for KLCI

KUALA LUMPUR: Hwang DBS Vickers Research
(HDBSVR) expects the FBM KLCI to stage an upward bias on Monday,
possibly climbing to challenge its immediate resistance line of 1,635.
It
said on that Asian equities would also would probably pick up from
where they left off last week by riding on the positive momentum ahead
following Wall Street's buoyant performance last Friday where its key
equity indices jumping between 1.5% and 1.6% at the closing bell. As
for Bursa Malaysia, HDBSVR said in terms of corporate developments,
investors would likely find added interest in Apex Equity Holdings after a local business daily reported that a hostile takeover may be on the cards due to a brewing shareholder tussle.
Also in focus could be Guan Chong after it announced its secondary listing plan in Singapore remained on track.
HDBSVR said another company which could see trading interest was Malaysian Smelting Corp,
after it clarified that an application for the extension of its
contract of work at an Indonesian mine is still pending and was not
rejected as per news reports.