Thursday, August 5, 2010

HDSBVR: Profit taking may set in

Hwang DBS Vickers Research (HDBSVR) said even when Wall Street soared on Monday night, stocks on Bursa Malaysia lost steam on Tuesday, Aug 3, suggesting that profit-taking mood could be setting in.

The research house said on Wednesday, Aug 4 that with key U.S. equity indices slipping between 0.4% and 0.5% at the closing bell last night – hurt by weak data on home sales, factory orders and consumer spending – it said share prices on Bursa Malaysia will probably come under pressures ahead.

“Technically, the first support level for the benchmark FBM KLCI – which has climbed 64.3-point or 5.0% over the last one month – is set at 1,340,” it said.

“Meanwhile, we may see individual share price actions today in: (a) Genting Malaysia, after winning a bid to redevelop a racetrack cum casino project in New York, U.S.; and (b) Alam Maritim, which has secured a long-term charter contract worth RM30 million,” it said.

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...