Technical Rebound Likely To Happen Today

Yesterday FBM KLCI deep below 1,440 main support level so technical rebound likely to happen today.

U.S. equities were up last night, lifting key bellwethers on Wall Street by between 1.3% and 1.6% at the closing bell on hopes that major European nations would work to prevent a Greece collapse while China might consider buying European sovereign
bonds.

This could temporarily raise sentiment in Asia today. Back home, the benchmark FBM KLCI may stage a technical rebound after suffering a drop of 31.5-point or 2.1% so far this week, possibly pulling away from its immediate support level of 1,435. Still, in view of the volatile external backdrop, investors will likely be cautious ahead of the extended weekend break. Counters that may get added interest today include: (a) Proton following a news report saying that it is close to signing a collaboration agreement with Mitsubishi Motors for the Japanese automaker to utilize Proton’s production facility; and (b) SP Setia, which is due to announce its latest financial results this evening, after seeing its share price falling 17.7% this month.

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