Market Preview From HWangDBS (22 APR 2011)

We may see the benchmark FBM KLCI attempting to cut above the resistance barrier of 1,530 again today. This comes as our Malaysian bourse – the only market across the region to finish in the red yesterday – could recover after the 4.7-point dip. Nevertheless, trading interest is expected to be quite slow today as most regional peers (like Singapore, Indonesia, Philippines,
Hong Kong and India) are on holidays today. Wall Street – which saw its key equity indices rising between 0.4% and 0.6% last night – would also be closed tonight.

Amid a relatively quiet market backdrop, counters that could attract attention today include:

1. RHB Capital, after a media report said two foreign parties are in the midst of making a joint bid to acquire a stake in the bank;
2. Jerneh Asia, which has signed an MOU to explore a proposed acquisition of a Sabah-based property developer; and
3. CBIP, as the company has just announced a proposal to undertake a 1-for-1 bonus issue.