Bursa Malaysia - No visible overseas leads to follow
Today's Market Preview
When our Malaysian stock exchange resumes trading today after an extended weekend break, investors would have no visible overseas leads to follow. Yesterday, regional equities were mixed with China (+0.8%) and Thailand (+0.7%) leading the gainers while Japan (-0.9%) and Indonesia (-0.5%) lost ground. On Wall Street, its key indices ended little changed overnight.
Still, riding on the prevailing resilience of the FBM KLCI, the benchmark index could continue its recovery momentum, albeit at a gradual pace. On the chart, the bellwether may pull away slightly further from the resistance-turned-support line of 1,635 ahead.
In terms of corporate developments, there will likely be action in the following counters today:
(a) Faber, after getting government concessions to implement the privatisation of hospital support services in the northern region of Peninsular Malaysia as well as Sabah and Sarawak; (b) Southern Steel, as a local business daily highlighted that it is an ideal privatisation target by tycoon Quek Leng Chan due to its share price underperformance;
(c) Daya Materials, which has been awarded contracts worth RM303m for a proposed extension to an existing medical andsurgical products manufacturing facility in Penang.