KUALA LUMPUR (March 7): HwangDBS Vickers Research said the overnight fall on Wall Street, where the key indices plunged between 1.4% and 1.6% at the closing bell, could provide the excuse of local investors to take profit on Wednesday.
Wall Street fell on fears that disagreements by some private bond holders might derail Greece’s debt-swap deal, which in turn could scuttle the bailout programme for the financially-ailing country.
“This will likely provide an excuse for investors to take profit on our local bourse today. Its benchmark FBM KLCI – after rebounding from an intra-day low of 1,580.51 yesterday – may test and break below the immediate support line of 1,580 ahead,” it said.
HDBSVR said that hoping to buck the weak market pattern on Wednesday are counters like: (a) Dijaya Corporation, which has proposed to acquire property assets privately owned by its major shareholder (for RM949 million) as well as to undertake a fund-raising exercise (comprising both rights issue and debt financing); (b) Tan Chong, after being appointed to be the contract assembler for Subaru passenger cars; and (c) SapuraCrest Petroleum, as it has been awarded an oil & gas contract worth RM162 million.
Wall Street fell on fears that disagreements by some private bond holders might derail Greece’s debt-swap deal, which in turn could scuttle the bailout programme for the financially-ailing country.
“This will likely provide an excuse for investors to take profit on our local bourse today. Its benchmark FBM KLCI – after rebounding from an intra-day low of 1,580.51 yesterday – may test and break below the immediate support line of 1,580 ahead,” it said.
HDBSVR said that hoping to buck the weak market pattern on Wednesday are counters like: (a) Dijaya Corporation, which has proposed to acquire property assets privately owned by its major shareholder (for RM949 million) as well as to undertake a fund-raising exercise (comprising both rights issue and debt financing); (b) Tan Chong, after being appointed to be the contract assembler for Subaru passenger cars; and (c) SapuraCrest Petroleum, as it has been awarded an oil & gas contract worth RM162 million.
