HDBSVR sees KLCI consolidating

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) expected the local stock market to probably remain in a consolidation mode on Wednesday but Perisai Petroleum and Padiberas Nasional (Bernas) could see trading interest.
“Its
benchmark FBM KLCI which was swinging inside a 11.3-point range before
closing at its intra-day low of 1,640 yesterday is expected to
oscillate between the key support and resistance levels of 1,600 and
1,655 for the time being,” said the research house. Overnight on Wall
Street, key indices ended little changed last night as sentiment was
clouded by news that the euro zone would continue to struggle in
overcoming its sovereign debt woes. HDBSVR said at Bursa Malaysia,
counters that may be in the limelight include Perisai Petroleum, which
has signed agreements for the charter of its eight offshore support
vessels for three years with an expected contract value of US$40mil.
It
added Bernas could see interest after the government has agreed to
extend its agreement for 10 years commencing from January 2011 to
January 2021 subject to certain terms and conditions.