HDBSVR: Market to be range-bound

KUALA LUMPUR: HwangDBS Vickers Research (HDBSVR) said on Tuesday it expects the Malaysian equities market to be range-bound for the time being due to the lack of fresh market leads. In its market outlook report, it said that on the chart, the FBM KLCI was expected to trade around the psychological mark of 1,600. HDBSVR said this followed a mixed overnight performance on Wall Street. Key U.S. equity indices ended between -0.8% and +0.6% amid lingering concerns that the eurozone sovereign debt crisis would threaten the stability of the financial system. “Against an uncertain market backdrop, local stocks that may be of interest today include: (a) Bumi Armada, after winning a US$200mil oil & gas pipelines contract in Russia; (b) KrisAssets (together with its parent IGB Corporation), which is planning to list a REIT comprising a portfolio of shopping malls; and (c) MKH, on the back of its 1-for-10 bonus issue proposal,” it said.