HDBSVR sees KLCI testing 1,580

KUALA LUMPUR: Hwang DBS Vickers Research said the FBM KLCI, which managed to show resilience last week,could be making its way towards its immediate support level of 1,580 due to jittery market sentiment.

It said on Monday that renewed concerns on the fragile US economy caused major stock indices on Wall Street to tumble between 1.1% and 1.4% at the closing bell last Friday. Consequently, Asian equities are expected to give back much of their gains chalked up towards the end of last week.

As for Bursa Malaysia, it said against the jittery market backdrop, investors may want to seek shelter in defensive names such as Berjaya Sports Toto, PIE Industrial and Tambun Indah.

A news report said BToto was looking to acquire a stake in an existing number forecast operator in Philippines.

PIE Industrial declared a net dividend per share (DPS) of 29.3 sen translating to a net yield of 5.9% based on its last traded price of RM4.93.

Tambun Indah announced it would pay a net DPS of 3.8 sen implying a net yield of 6.0% based on its current share price of 63.5 sen.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

BNM's international reserves at US$116.2bil as at Sept 15
China stocks end higher, Evergrande's assurances lift real estate firms
Maybank, UOB to jointly underwrite RM2bil Islamic facility for Malayan cement
DFIs provide micro-SMEs with financing totalling RM8.1bil
Oil prices rise on tight supply, renewed risk appetite
Citi Malaysia bags multiple banking awards
HSL 2Q net profit more than double to RM8.75mil
Petronas subsidiaries well-positioned to benefit from hydrogen production
Bursa tracks higher on improved sentiment
UOB Malaysia taps Prudential’s VF2F feature to offer digital insurance

Stories You'll Enjoy