KUALA LUMPUR (Feb 8): Hwang DBS Vickers Research said the FBM KLCI could see a lack of market direction when trading resumes on Wednesday but Genting Malaysia could see trading interest after the latest development over its casino venture in Florida.
“On the chart, the bellwether may swing sideways with a marginal downward bias, with its immediate support level pegged at 1,530,” it said in its market outlook.
HDBSVR said during the closure of the Malaysian stock exchange on Monday and Tuesday, regional peers posted a mixed performance.
Over the two-day period, Singapore was up 1.4%, Japan (+1.0%) and Korea (+0.5%) chalked up gains but Indonesia (-1.5%), China shares listed in Hong Kong (-0.9%) and Hong Kong (-0.3%) lost grounds. Meanwhile, Wall Street showed little changes with key U.S. equity indices closing between -0.1% and +0.2% since last Friday.
HDBSVR said stocks that may be of added interest include: (a) Genting Malaysia, as its casino venture plan in Florida in the U.S. could be disrupted by last Friday’s withdrawal of a casino gambling bill by its legislative sponsor; (b) Coastal Contracts, after a business weekly reported that it plans to penetrate into the upstream segment of Indonesia’s oil & gas sector; and (c) The Media Shoppe, which may secure a RM21m contract to design, supply and commission passenger information and closed-circuit television systems.
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