Malaysian equities could see technical rebound

  • Business
  • Thursday, 29 Aug 2013

KUALA LUMPUR: Hwang DBS Vickers Research expects Malaysian equities, which had been hammered down in recent days, to possibly stage a technical rebound.

The research house said the FBM KLCI, after tumbling 101.8 points or 5.7% over the past 1½ weeks, the index would probably bounce up from an oversold position.

“And continuing from where it left off yesterday, the benchmark index may recover further from a trough of 1,660.39 to climb towards the psychological support-turned-resistance level of 1,700 ahead,” it said.

Over on Wall Street, major US equity indices rose last night, closing higher by between 0.3% and 0.4% as investors were keeping their eyes on the latest geopolitical developments in Syria.

At Bursa Malaysia, there could be a relief buying in beaten-down index stocks such as Maybank, CIMB, Ambank, Genting and AirAsia.

As for the barrage of earnings on Wednesday, HDBSVR said Genting Plantations and Padini missed expectations.

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