Lacklustre performance on Wall Street last night

Following a lacklustre performance on Wall Street last night – which saw key U.S. equity indices ending between -0.1% and +0.3% – investors across the regional might turn a bit cautious today in response to Moody’s Investors Service’s downgrade of the long-term government bond rating for Portugal to junk status.

If so, then our Malaysian bourse could come under pressures too. Profit-taking activity will probably cause the benchmark FBM KLCI to pull back ahead after posting a 19.3-point gain (+1.2%) since last Monday. Technically, the immediate support level is seen at 1,575.
Stocks that may garner added interest today include:

1. MRCB, after signing a privatisation agreement with the government to develop three projects in exchange for two pieces of land measuring an area of 19,940 sq m located in Kuala Lumpur;
2. Yinson, amid news report saying that it is bidding for more oil & gas contracts worth RM800m to add to its current orderbook valued at RM1.2b and
3. Kencana Petroleum, which has acquired a 60% stake in a Hong Kong engineering company for RM12m.