KLSE KLCI FRIDAY MARKET PREVIEW
Today's Market Preview
It will probably be a test of resilience on the Malaysian bourse today. Essentially, sentiment could be hurt by renewed concerns on sovereign default risk in Greece, which caused an overnight slump on Wall Street (as key U.S. bellwethers fell 0.2%-0.7%).
While profit-takers may be tempted to cut their exposures after seeing an uninterrupted rise for 12 consecutive days, bargain hunters are likely to step in on market weakness. On the chart, the immediate support line for the benchmark FBM KLCI is currently seen at 1,340.
n terms of individual company news, there should be a bit more interest on: (a) Dayang, which has just been awarded a RM400m 5-year contract to provide maintenance services for Sarawak Shell; and (b) Sunway City, after announcing that it would be injecting property assets into a REIT that would eventually be listed on the local stock exchange. Meanwhile, we will get an update on the Malaysian economy when the Index of Industrial Production (IPI) report for Feb is out later today. One media poll said the consensus is projecting an annual increase of 11.8% in the IPI for the month.
source: HWDBS Vickers