KUALA LUMPUR (March 22): Hwang DBS Vickers Research said the FBM KLCI, after crossing slightly above the resistance hurdle of 1,580 on Wednesday, could struggle to maintain its position ahead.
It said on Thursday that from a technical perspective, the key market barometer is expected to show a downward bias in the near term.
“This follows a lackluster overnight performance on Wall Street. Major U.S. equity bellwethers ended between -0.3% and flat in the absence of fresh catalysts last night,” it said.
HDBSVR said hoping to catch investors’ attention on the local bourse on Thursday are stocks like: (a) Texchem Resources, after disposing of a 70% stake in two subsidiaries that are involved in the business of manufacturing and trading of insecticide products for RM129 million; (b) Bumi Armada, which has signed a contract worth RM115 million to provide oil & gas platform supply vessel; and (c) Mitrajaya, following the acceptance of letters of award for two CONSTRUCTION [] jobs totaling RM103 million.
It said on Thursday that from a technical perspective, the key market barometer is expected to show a downward bias in the near term.
“This follows a lackluster overnight performance on Wall Street. Major U.S. equity bellwethers ended between -0.3% and flat in the absence of fresh catalysts last night,” it said.
HDBSVR said hoping to catch investors’ attention on the local bourse on Thursday are stocks like: (a) Texchem Resources, after disposing of a 70% stake in two subsidiaries that are involved in the business of manufacturing and trading of insecticide products for RM129 million; (b) Bumi Armada, which has signed a contract worth RM115 million to provide oil & gas platform supply vessel; and (c) Mitrajaya, following the acceptance of letters of award for two CONSTRUCTION [] jobs totaling RM103 million.
