HDBSVR sees KLCI facing resistance at 1,580-level

  • Business
  • Wednesday, 30 May 2012

KUALA LUMPUR: Hwang DBS Vickers Research expects the benchmark FBM KLCI to face resistance at1,580 on Wednesday after breaking past the immediate threshold of 1,555 on Tuesday.

On Wall Street, it said US markets played catch-up with Asian equities when its key equity indices rose between 1.0% and 1.2% last night following an extended weekend break.

HDBSVR said that sentiment was lifted by opinion polls that Greece voters were in favour of the country remaining in the euro bloc while US housing date showed improvements. On the corporate front, the raft of result announcements issued on Tuesday evening saw mixed reviews with positive surprise coming from UMW Holdings but IJM Corporation, IJM Plantations and Sunway disappointed.

Separately, Pestech International is due to make its debut listing on the Main Board.

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