Monday, 12 March 2012

CIMB Research expects KLCI to be firm, upward bias

KUALA LUMPUR (March 12): CIMB Equities Research expects the FBM KLCI to be firm with an upward bias this week.

“The recently concluded major results season in Feb turned out to be less negative than we feared, which could signal a bottoming of the severe EPS cuts of the past few results seasons,” it said on Monday.

CIMB Research said that also, in line with its strategy of selling into strength ahead of a pre-election rally, it expects market conditions in the period ahead of the 13th general elections to be positive.

“Consensus view is for elections to be held in the May/June period during the school holidays. Pump priming, award of contracts and positive newsflow should be strong in this period, which is positive for equities,” it said.

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