Chance that the benchmark FBM KLCI will break past its immediate resistance barrier of 1,465 today

There is a chance that the benchmark FBM KLCI will break past its immediate resistance barrier of 1,465 today. If so, then the bellwether could be climbing towards the next resistance line of 1,495 ahead.

This follows a positive overnight performance by Wall Street. Major U.S. equity indices jumped between 2.5% and 3.0%, lifted by hopes that the U.S. President would be announcing a US$300b economic stimulus package later tonight. Back home, on tap today are:

1. Bank Negara Malaysia’s monetary policy committee meeting, which is expected to leave interest rates unchanged; and
2. external trade statistics for Jul with one media survey projecting an annual rise of 6.6% for exports and 5.9% for imports, translating to a monthly trade surplus of RM7.7b.

Separately, Fututech will be in the limelight after it has received an unconditional takeover offer to acquire its shares at RM0.50 each (versus its last done price of RM0.485) and warrants at RM0.09 each (versus the existing warrant price of RM0.13).