Bursa Malaysia Today Market Preview Nov 12

Last Friday, major US equity indices finally ended its two day losing streak following Obama’s re-election and registered gains of between 0.0% - 0.3% after consumer confidence climbed to a five-year high, which offset concerns about the fiscal cliff negotiations.

Back home, the benchmark FBM KLCI should trade upwards towards the immediate resistance level of 1,670 as data released on Friday showed exports increasing 2.6% y-o-y in September due to strong rebound in the demand for electrical and electronics products, which beat expectations.

On the backdrop of limited local corporate news flow, the following stocks should see higher trading interest today:
(a) JAKS Resources, which received several contracts for the project atAra Damansara totaling approximately RM820m; 
(b) iCapital.biz, after 87% of shareholders voted against the nomination of Andrew Pegge, Lo Kok Kee and Low Nyap Heng onto the board.

 

by HDBS