KUALA LUMPUR (Nov 1): Hwang DBS Vickers Research (HDBSVR) said it expects the Malaysian stock market to face some selling pressure on Tuesday following the overnight fall on Wall Street.
It said the initial euphoria from the European debt bailout plan seems to be over. Major U.S. equity indices tumbled between 1.9% and 2.5%, triggered in part by Greece’s decision for a referendum on the new agreement on financing for the country.
“Back home, we expect our benchmark FBM KLCI not to be spared from the bearish external sentiment. The benchmark index should come under selling pressures today, possibly retreating towards our immediate support level of 1,475,” it said.
HDBSVR said on the corporate front, stocks that may be in the limelight include Jerneh Asia, following the announcement that its major shareholder, Kuok Brothers will buy out the company as a quickest way to return cash to shareholders;
Also in focus would be Hock Seng Lee, after it secured a RM90.28 million water treatment plant contract from the Sarawak state government.
Meanwhile, TRC Synergy, which was awarded a RM51.3 million contract from Jabatan Kerja Raya to upgrade infrastructures and facilities at the Lumut jetty in Perak.
It said the initial euphoria from the European debt bailout plan seems to be over. Major U.S. equity indices tumbled between 1.9% and 2.5%, triggered in part by Greece’s decision for a referendum on the new agreement on financing for the country.
“Back home, we expect our benchmark FBM KLCI not to be spared from the bearish external sentiment. The benchmark index should come under selling pressures today, possibly retreating towards our immediate support level of 1,475,” it said.
HDBSVR said on the corporate front, stocks that may be in the limelight include Jerneh Asia, following the announcement that its major shareholder, Kuok Brothers will buy out the company as a quickest way to return cash to shareholders;
Also in focus would be Hock Seng Lee, after it secured a RM90.28 million water treatment plant contract from the Sarawak state government.
Meanwhile, TRC Synergy, which was awarded a RM51.3 million contract from Jabatan Kerja Raya to upgrade infrastructures and facilities at the Lumut jetty in Perak.
