Categories
| Hwang DBS Vickers Research: Market vulnerable to profit-taking |
| Business & Market 2010 | |||
| Written by Hwang DBS Vickers Research | |||
| Monday, 30 August 2010 08:33 | |||
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KUALA LUMPUR: Hwang DBS Vickers Research expects the local stock market to remain vulnerable to profit-taking pressures ahead after staging an almost uninterrupted run lately. It said on Monday, Aug 30, that it was cautious about the market even though Wall Street rebounded on Friday, where key U.S. equity indices were up between 1.6% and 1.7% at the closing bell. Following a rally of 61.7-point or 4.6% over the past 11 days, the benchmark FBM KLCI will probably run into a wall of resistance at the 1,415-level, with a tendency of pulling back towards its immediate support level of 1,395. Monday is also the last day for listed companies to release their Apr – Jun quarter financial report cards. Among the big caps that have yet to make an announcement include Maxis, which would do so later this evening.
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