HDBSVR: KLCI to trade with upward bias

KUALA LUMPUR: Hwang DBS Vickers Research (HDBSVR) said the benchmark index FBM KLCI is likely to trade on an upward bias on Tuesday, Dec 14 following the mere 2.5 index-point increase on Monday (versus a total of 14-index points lost last Friday).

“We expect FBM KLCI to stay above the psychological mark of 1,500 for now and likely to continue its uptrend to reach the immediate resistance level of 1,525 before the year end,” it said.

HDBSVR said over in the U.S. market, key equity indices on Wall Street ended fairly unchanged between -0.5% and +0.2% as focus was on the Senate which has started to vote on US President Barack Obama’s tax-cut agreement with the Republicans.

“In terms of individual stock’s share price action, there could be interest on: (a) Proton Holdings, which has disclosed that the total forecasted capital expenditure for Group Lotus plc’s business turnaround plan is about GBP480m (RM2.4b) over a five-year period as opposed to the GBP770m (RM3.8b) over 10 years; and (b) PLANTATION [] counters, as CPO price hit a 30-month high yesterday,” it said.