With the general market performance likely to be broadly lackluster for the time being, investors would have to use a bottom-up method to pick stocks. The key FBM KLCI is expected to remain in a consolidation mode today, possibly showing a bit of weakness, against a backdrop of little new developments. On the chart, the immediate support and resistance levels for the benchmark index are still seen at 1,305 and 1,340, respectively.
Amid a quiet market environment, there could be additional interest in selected counters such as:
(a) Berjaya Corporation after the government said it would not reissue a sports betting license to Ascot Sports (which was to be injected into Berjaya Corporation
initially); and
(b) Faber and Time Engineering following a news article saying that their major shareholder UEM Group is looking for interested parties to buy over the two companies under a plan to divest its non-core business activities.
by Hwang DBS
