HDBSVR sees mild technical rebound for KLCI

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) expects a mild technical rebound for the key FBM KLCI on Thursday after the decline of 13.1 points or 0.8%.
"On
the chart, the benchmark index - which is expected to find immediate
support at the 1,635 level - may rise towards the first resistance line
of 1,650 ahead," it said on Thursday.
HDBSVR said trading activity, nevertheless, will likely be fairly slow as investors await the outcomes of the: (a) European Central Bank (ECB)
meeting this afternoon amid growing expectations for the policymakers
to announce bond-buying measures under its quantitative easing program;
and (b) Bank Negara Malaysia (BNM)'s monetary policy committee gathering later in the evening.
"Hoping to ride on the market momentum and stage a gradual recovery today are recently beaten-down counters such as PPB Group, YTL Power, UEM Land, AirAsia and IOI Corporation," it said.