KUALA LUMPUR (March 28): Hwang DBS Vickers Research said on Wednesday the presence of profit-taking pressures on Bursa Malaysia is expected to push the FBM KLCI lower in the near term.
“On the chart, the benchmark index may be on its way to test the immediate support level of 1,580,” it said.
Overnight on Wall Street, the key US indices, which hovered near their four-year highs, saw mild corrections of between 0.1% and 0.3% at the closing bell.
HDBSVR said it expected the spillover effects to be felt around the region on Wednesday.
The research house said stocks that may pull back include Cahya Mata Sarawak following the termination of its agreement with Rio Tinto Aluminium to build an aluminium smelter plant in Sarawak.
Also in focus could be Supercomnet, after announcing that Mohd Nazifuddin would not be pursuing the option to acquire an 18.7% stake in the company.
However, TDM was expected to see upside after it proposed a tax-exempt dividend per share of 18.5 sen, translating to a net yield of 3.9%.
“On the chart, the benchmark index may be on its way to test the immediate support level of 1,580,” it said.
Overnight on Wall Street, the key US indices, which hovered near their four-year highs, saw mild corrections of between 0.1% and 0.3% at the closing bell.
HDBSVR said it expected the spillover effects to be felt around the region on Wednesday.
The research house said stocks that may pull back include Cahya Mata Sarawak following the termination of its agreement with Rio Tinto Aluminium to build an aluminium smelter plant in Sarawak.
Also in focus could be Supercomnet, after announcing that Mohd Nazifuddin would not be pursuing the option to acquire an 18.7% stake in the company.
However, TDM was expected to see upside after it proposed a tax-exempt dividend per share of 18.5 sen, translating to a net yield of 3.9%.
