Market Preview From HWangDBS (26 APR 2011)
Despite a mixed performance on Wall Street last night – as key U.S. equity indices ended between -0.2% and +0.2% at the closing bell – we reckon our Malaysian bourse would show resilience ahead.
Technically speaking, its benchmark FBM KLCI could continue its sideways trading pattern with a marginal positive tone today. The key market barometer, however, may struggle to clear its immediate resistance level of 1,530 in the meantime. Counters that may see added trading interest today will include: (a) Sime Darby, which has just been awarded an oil & gas fabrication contract valued at RM1.2b; (b) Alam Maritim, after it has entered into several agreements worth RM33.5m to provide oil & gas support services; and (c) Padiberas Nasional following the government’s extension of its contract to manage the country’s rice supplies for another 10 years.
Technically speaking, its benchmark FBM KLCI could continue its sideways trading pattern with a marginal positive tone today. The key market barometer, however, may struggle to clear its immediate resistance level of 1,530 in the meantime. Counters that may see added trading interest today will include: (a) Sime Darby, which has just been awarded an oil & gas fabrication contract valued at RM1.2b; (b) Alam Maritim, after it has entered into several agreements worth RM33.5m to provide oil & gas support services; and (c) Padiberas Nasional following the government’s extension of its contract to manage the country’s rice supplies for another 10 years.
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