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.