KUALA LUMPUR: Hwang DBS Vickers Research said despite an overnight rise on Wall Street, where the main indices rose between between 0.48% and 0.73%, the Malaysian bourse could continue to consolidate with a slight downward bias ahead.
In its market outlook on Tuesday, Oct 19, it said profit-taking activity is likely to persist as the benchmark FBM KLCI has already climbed in 16 of the past 20 weeks for a cumulative gain of 211.5-point or 16.7%. On the chart, it has set the immediate support level at 1,465.
In terms of individual share price actions, there should be interest in: (a) Boustead Holdings and BOUSTEAD HEAVY INDUSTRIES CORP []oration, after receiving a letter of intent from the Ministry of Defence to construct six patrol vessels; and (b) TRC Synergy, amid a media report saying that it has emerged as the frontrunner to clinch the LRT extension project.
Separately, Bursa Malaysia is due to announce its July to September quarterly financial results around noon.
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