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Bursa Malaysia Today's Market Preview

Yesterday’s market drop – which occurred despite all its regional peers posting positive performances – could mark a resume of selling activity on the Malaysian bourse ahead. Looking technically vulnerable at the moment, the benchmark FBM KLCI hitting a low of 1,613 yesterday) may pull back deeper to test the support levels of 1,615 (first) and 1,600 (second).

Probably coming under immediate selling pressures today are Malaysian banks namely CIMB, Hong Leong Bank, Maybank, PBank and RHB as sentiment may be affected by a cut in their short-term credit ratings by Moody’s.

Meanwhile, other stock names that will likely attract added interest today are:
(a) APM Automotive, after it has entered into aventure agreement with a Japanese company to undertake the manufacturing of automotive seats in Malaysia; (
b) Bursa Malaysia which will be announcing its quarterly financial results during lunch time today;
c) Homeritz, in response to its declaration
a single-tier final dividend per share of 2.25 sen translating to a net yield of 6.2% based on its last traded price of 36.5 sen.

 

by HWDBSVickers