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HDBSVR sees renewed selling pressure on regional markets

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HDBSVR sees renewed selling pressure on regional markets Empty HDBSVR sees renewed selling pressure on regional markets

Post by hlk Fri 11 May 2012, 10:14

KUALA LUMPUR: Hwang DBS Vickers Research said whilst Wall Street finished broadly flat overnight, its futures market was down on Friday morning.

It said on Friday the DJIA June futures contract tumbled to hover at a 103-point discount to the spot rate at 8 am following JP Morgan's disclosure of huge trading losses.

"This could put renewed selling pressures on our local bourse ahead. Its benchmark FBM KLCI may test its resilience by showing a downward bias towards the immediate support level of 1,580," it said.

HDBSVR said in terms of news flows, Bank Negara Malaysia is expected to maintain the overnight policy rate when the policymakers meet on Friday evening.

The research house said on the corporate front, there may be interest in: (a) ECM Libra and K&N Kenanga, after a local media said the merger between the two investment banks has been finalised and would be announced soon; (b) Xidelang Holdings, amid one news report saying that it is planning for a primary listing in Hong Kong, which in turn could pave the way for the stock to be de-listed in Malaysia; and (c) KKB Engineering, as it reportedly has emerged as a frontrunner to construct a RM790m manganese ferro alloy smelting plant in Sarawak.
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