HDBSVR: KLCI may back off from 1,600

KUALA LUMPUR: Hwang DBS Vickers Research said after Monday's lethargic performance, which saw the FBM KLCI being stuck inside a six-point trading band before closing just 1.7 points higher, investors may be tempted to trim their market exposure.

“From a technical perspective, the benchmark index will likely show a marginal downward bias, possibly backing off from the 1,600 psychological mark ahead,” it said on Tuesday. HDBSVR said on Wall Street, there was no follow-through buying momentum. Key U.S. stock indices were mixed between -0.1% and +0.6% as interest generated from merger & acquisition activity was tampered by weak manufacturing data. “Back home, amid a slow market backdrop, stocks that could see active trading today include: (a) AirAsia, after its new chief executive said the airline may consider exiting long-haul, low-cost carrier AirAsia X when the latter goes for listing as early as 4Q12; (b) Bio Osmo, as one local press reported that the loss-making bottled water player may see the emergence of a new substantial shareholder and the injection of a new business,” it said.

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