Thursday, 8 March 2012

HDBSVR expects market sentiment to perk up

KUALA LUMPUR (March 8): HwangDBS Vickers Research expects the key regional markets including Bursa Malaysia to perk up on Thursday following the firmer overnight close on Wall Street.

On Wall Street, stocks closed higher on Wednesday following better employment data in the U.S. and news that Greece’s debt-exchange deal with private bond holders is gathering pace. The key indices on Wall Street jumped between 0.6% and 0.9%.

“The positive vibes from Wall Street is expected to lift sentiment in Asia today after the broad sell-off yesterday. Back home, the key FBM KLCI could stage a technical rebound following a decline of 15.1-point or 1.0% since Tuesday. On the chart, the benchmark index may attempt to cross above the support-turned-resistance level of 1,580 ahead,” it said.

HDBSVR said that hoping to ride on a market recovery are beaten down shares like Sime Darby.

Together with other PLANTATION [] companies, they should benefit from a firm CPO price outlook, as forecasted by industry experts at the Palm & Lauric Oils Conference that ended yesterday.

Separately, OSK Property may attract interest after acquiring two pieces of land in Shah Alam for RM45 million while MALAYSIA SMELTING CORPORATION [] could be hit by news that Indonesia want to limit foreign ownership of mines in the country.

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