FBM KLCI likely to swing sideways inside a narrow trading range

Our Malaysian bourse is expected to show a mixed market breadth today with its benchmark FBM KLCI likely to swing sideways inside a narrow trading range in the absence of market-moving news.

There was no visible lead from Wall Street last night as major U.S. equity indices finished slightly up (by between 0.4% and 1.5%) on hopes that the European sovereign debt crisis would not worsen. Meanwhile, corporate news flows back home have dwindled in tandem with the slow trading activity.

Possibly attracting a bit more interest today are the Lion Group of companies – namely Lion Corporation, Lion Diversified and Lion Industries – following media reports stating that the government is considering proposals to provide assistance to its steel manufacturing unit Megasteel in response to the increased competition from imported hot-rolled coils.

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