FBM KLCI could pull back from the immediate support-turned-resistance level of 1,465

The benchmark FBM KLCI could pull back from the immediate support-turned-resistance level of 1,465 as investors may want to lighten their market exposure ahead of the holiday-shortened trading sessions next week. This comes as Wall Street was hit by renewed selling activity last night. Major U.S. equity indices fell between 1.5% and 1.9% amid mixed expectations whether the Federal Reserve chairman would be proposing any fresh policy measures to stimulate the weak U.S. economy at a meeting tonight.

On the corporate front, Berjaya Food shares may attract interest following its proposals to: (a) acquire a 50% stake in Berjaya Starbucks Coffee for RM72m cash; and (b) undertake a rights issue involving 4 rights shares with 4 free warrants for every 5 existing shares held at an issue price of RM0.65 each. Separately, Hong Leong Bank is due to announce its latest quarterly results possibly during lunch hours today.