Consolidation on Bursa Malaysia set to continue

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) expects the consolidation pattern on the Malaysian bourse to carry on for a while more.
“After
a jump of 71.3-point or 4.2% thus far this week, the benchmark FBM KLCI
is expected to digest the recent gains by swinging between 1,750 and
1,785 in the meantime,” it said on Friday. HDBSVR said that news flows
to be out around noon include the monthly plantation report for April.
The latest statistics on production, export and inventory may cause
movements in the crude palm oil (CPO) price, which has been stuck
between RM2,200 and RM2,600 per tonne since late September last year.
The research house said on the corporate front, there could be share
price actions in CIMB, as the banking group has decided to resume with its dual listing plan in Thailand.
Also attracting interest could be Encorp, which secured a RM42.7mil contract to construct buildings.