KUALA LUMPUR (Dec 9): Hwang DBS Vickers Research expected regional markets to come under pressure on Friday after the overnight fall on Wall Street.
It said key U.S. stock indices lost between 1.6% and 2.1% at the closing bell amid news that no major progress is expected to be made by European leaders at an ongoing meeting to resolve the region’s sovereign debt woes.
“This could take a knock on sentiment across Asia as investors would probably want to sell before the European summit ends later today.
“Back home, the benchmark FBM KLCI may back off from the support-turned-resistance level of 1,475, possibly sliding towards the next support line of 1,445,” it said.
HDBSVR said counters that may be of interest on Friday include AirAsia, Bumi Armada and UEM Land, which are set to replace Gamuda, MISC and PLUS as the FBM KLCI component stocks.
“And hoping to buck the weak market trend is Kencana Petroleum, after it secured a contract worth RM1 billion to fabricate and assemble structures and components for a liquefied natural gas processing facility in Australia,” it said.
It said key U.S. stock indices lost between 1.6% and 2.1% at the closing bell amid news that no major progress is expected to be made by European leaders at an ongoing meeting to resolve the region’s sovereign debt woes.
“This could take a knock on sentiment across Asia as investors would probably want to sell before the European summit ends later today.
“Back home, the benchmark FBM KLCI may back off from the support-turned-resistance level of 1,475, possibly sliding towards the next support line of 1,445,” it said.
HDBSVR said counters that may be of interest on Friday include AirAsia, Bumi Armada and UEM Land, which are set to replace Gamuda, MISC and PLUS as the FBM KLCI component stocks.
“And hoping to buck the weak market trend is Kencana Petroleum, after it secured a contract worth RM1 billion to fabricate and assemble structures and components for a liquefied natural gas processing facility in Australia,” it said.
