Wednesday, 15 February 2012

HDBSVR: KLCI to trade sideways with slight positive bias

KUALA LUMPUR (Feb 15): HwangDBS Vickers Research said the FBM KLCI, which has been stuck inside a tight eight-point band over the last three days – will probably move sideways with a slight positive bias ahead.

“Technically speaking, the immediate support and resistance levels for the bellwether are currently seen at 1,555 and 1,580, respectively,” it said on Wednesday.

HDBSVR said in terms of news flows, Bank Negara Malaysia will announced the fourth quarter GDP data. It added that one media poll has projected an annual rise of 4.8% in the economic indicator during the quarter.

On the corporate front, stocks under watch may include: (a) RHB Capital, in response to a local business daily report that said major shareholder Aabar Investments is believed to be looking for a buyer for its 25% equity stake in the Malaysian banking group;

(b) Dayang Enterprise, after winning a maintenance services contract valued at RM125 million; and

(c) RCE Capital, which has proposed a one-for-two bonus issue and a rights issue of two redeemable convertible preference shares for every five shares held after the proposed bonus issue at an issue price to be determined later.

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