HDBSVR sees chance for KLCI hitting new record high

KUALA LUMPUR: Hwang DSB Vickers Research said there is a chance that the key FBM KLCI will hit a new record high on Wednesday, June 29.

It said on Wednesday that the KLCI, after closing at 1,570 on Tuesday, the benchmark index is now in a position to challenge and possibly surpass the previous peak of 1,577 ahead.

“Sentiment on our local bourse will also likely get a boost from the strong overnight finish on Wall Street. Major U.S. equity indices jumped between 1.2% and 1.5% in response to news that investors would unlikely see any debt default in Greece,” it said.

HDBSVR said stocks that could attract added buying interest include:

(a) Genting Malaysia, after news reports said that its unit in U.K. has been granted a large casino premises license in Birmingham;

(b) Muhibbah Engineering, following a press comment made by its managing director stating that the CONSTRUCTION [] outfit expects to receive full payment from its financially troubled client Asia Petroleum Hub after obtaining a corporate guarantee from them; and

(c) Eastern & Oriental, which has entered into a joint venture agreement to undertake the development of an iconic wellness township project in Iskandar Malaysia.