HDBSVR sees KLCI testing 1,555

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) said on Tuesday the FBM KLCI which stood fairly resilience until yesterday's drop of 18.4 points or 1.2% on thin volume could pull back further.
“On the chart, the benchmark index is expected to slip under the immediate support line of 1,555 ahead,” it cautioned.
HDBSVR said Wall Street was little changed overnight. The main US stock indices saw changes of between 0.1% and +0.5% as bargain hunters stepped in to provide support as they believe valuations are attractive following the recent market sell-off.
The research house said however, this might not be the case for Malaysian equities.
“Possibly facing added selling pressures today are the index-linked counters with high foreign shareholdings and relatively resilient share prices thus far such as AirAsia, Axiata and UEM Land,” it said.