KUALA LUMPUR (Nov 17): Hwang DBS Vickers Research (HDBSVR) said the benchmark FBM KLCI is expected to drop below its immediate support level of 1,475, possibly falling towards the next support line of 1,445 ahead.
It said on Thursday that sentiment would be impacted after the overnight fall on Wall Street. Major U.S. equity indices plunged between 1.6% and 1.7% at the closing bell partly on fears that American banks could be hit by the spreading eurozone sovereign debt crisis.
“Consequently, Asian equities will likely suffer from the spillover effects today,” it said.
HDBSVR said against the weak market backdrop, the share price and warrant price of Harvest Court should tumble further on Thursday after hitting limit down on Wednesday.
“And it remains to be seen whether the selling momentum will affect other penny stocks still sitting on huge gains such as DPS Resources, Federal Furniture and Tricubes.
“Meanwhile, Tanjung Offshore shares may come under pressures too following the release of a set of poor financial results last evening,” it said.
It said on Thursday that sentiment would be impacted after the overnight fall on Wall Street. Major U.S. equity indices plunged between 1.6% and 1.7% at the closing bell partly on fears that American banks could be hit by the spreading eurozone sovereign debt crisis.
“Consequently, Asian equities will likely suffer from the spillover effects today,” it said.
HDBSVR said against the weak market backdrop, the share price and warrant price of Harvest Court should tumble further on Thursday after hitting limit down on Wednesday.
“And it remains to be seen whether the selling momentum will affect other penny stocks still sitting on huge gains such as DPS Resources, Federal Furniture and Tricubes.
“Meanwhile, Tanjung Offshore shares may come under pressures too following the release of a set of poor financial results last evening,” it said.
