FBM KLCI Today's Market Preview
Since there was no major market lead over the weekend – with key U.S. equity barometers closing marginally down by between 0.2% and 0.4% last Friday – we anticipate share prices on the Malaysian stock exchange to drift lower on the back of profit-taking pressures.
Consequently, the FBM KLCI will probably slip a bit more from its overbought territory, though the benchmark index will not likely test its immediate support level of 1,340 anytime soon.
Against the market consolidation backdrop, we may see added trading interest in:
(a) Bandar Raya, which is looking to sell its 57%-owned listed subsidiary Mieco according to one media report;
(b) EPIC, as one news report speculated that the Company could be privatized; and
(c) SIG Gases, an industrial gas supplier that will make its debut listing today.
by HwangDBS Vickers