KUALA LUMPUR (Aug 17): HwangDBS Vickers Research said Friday investors may be in buying mood due to overnight rise on Wall Street and some exciting local corporate results and developments.
"There is a chance for our Malaysian bourse to finish on a high note before we enter the extended Hari Raya weekend break. Its benchmark FBM KLCI may pull away from the immediate support mark of 1,650 today," the research house said in an early morning note.
"Essentially, investors could be in a buying mood following the overnight rise on Wall Street. Major U.S. equity indices were up between 0.6% and 1.0% at the closing bell amid hopes that the world’s largest economy remains on the recovery track.
"On the local corporate scene, a deluge of financial announcements came out yesterday. There were pleasant surprises from the likes of MISC and Maybank but Bumi Armada and MRCB posted disappointing earnings."
HwangDBS said Affin Holdings shares may see action after getting approval to commence negotiations for the a possible acquisition of equity stakes in Bank Muamalat from DRB-Hicom while Sarawak Plantation could be in the limelight too on the back of media speculations that Felda Global Ventures is eyeing to buy a meaningful stake in the company.