HDBSVR sees KLCI taking a breather

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) expects the FBM KLCI which rose 41.7 points or 2.6% over the past 12 days to close at a new all-time high of 1,635.96 on Monday, could pause for a breather soon.

It said on Tuesday that, if so, the KLCI was expected to back off slightly from its immediate resistance line of 1,635 ahead. “Essentially, buyers may want to take a break in the absence of fresh positive catalysts,” according to the research house in its market outlook report.

Overnight on Wall Street, major U.S. equity indices slipped between 0.2% and 0.4% as disappointing retail sales had caused concerns over the recovery pace in the world's largest economy. HDBSVR said at Bursa Malaysia, companies which would probably attract investors' interests would include Media Chinese International after it proposed to reward its shareholders with a special dividend of 41 sen per share.

Puncak Niaga (which holds a 70% stake in Syabas) may be in the limelight after the Selangor state government said it wanted to take over the management of the water supply and distribution company.

Meanwhile, OCK Group would make its debut on the ACE Market. The offer price was 36 sen per share.

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