HDBSVR sees Bursa continuing sideways pattern

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) said share prices on Bursa Malaysia would probably continue their sideways trading pattern in the absence of fresh leads.
It
said on Friday that overnight, key US equity indices ended between 0.5%
and +0.4% as investors were unsure whether the worse was already over
given the still unresolved sovereign debt mess in Europe.
“This suggests that the benchmark FBM KLCI
could be stuck in a narrow trading range, possibly struggling to
overcome the immediate resistance barrier of 1,580 ahead,” it said.
HDBSVR
said in terms of corporate developments, there may be added interest
in: (a) Boustead and Wah Seong, which have entered into a joint venture
agreement to undertake business activity in Myanmar on a 50:50 basis;
(b) Sime Darby and SP Setia,
after signing an agreement to acquire a power station site in London
for approximately RM2bil; and (c) WCT, as it has bagged a civil works
contract worth RM73mil in Perak.