Bursa Malaysia Market Today Preview
We expect our benchmark FBM KLCI to range-bound with slight downward bias today. On the chart, the index may be bouncing back and forth between the immediate support and resistance levels of 1,415 and 1,445.
Meanwhile, key U.S. equity indices closed between -0.1% and -0.5% last night due to the lower-than-expected 3Q GDP data which was revised down to 2% from the previous estimate of 2.5%, providing little certainty for the pace of recovery in the near term.
Back home, stocks that will likely see added interest today include: (a) KNM, after reporting shocking 3Q11 net loss last night which was way below expectations, (b) Alliance Financial
Group and Hwang-DBS, following news report that the companies are potentially looking at a merger exercise, and (c) AirAsia, given its 3Q11 core net profit that came far below consensus estimate.
by HWDBS Vickers