Malaysia Hot Stocks-Market seen rangebound, Fed eyed

Written by:
Subscribe to Oneindia News

KUALA LUMPUR, Sep 13 (Reuters) Malaysian shares are likely to be rangebound on Thursday, as investors weigh a possible U.S. interest-rate cut next week, but oil-related stocks could be lifted by record crude prices, a dealer and an analyst said.

Energy services firms such as Petra Perdana Bhd and KNM Group Bhd could rise after crude-oil prices vaulted to a record high of a barrel on Wednesday, the analyst said.

National car-maker Proton could also be in focus after Volkswagen AG said on Wednesday it had not yet agreed to the possible purchase of a stake in the Malaysian firm.

Trading in the broader market was expected to be muted.

''I expect the market to be directionless and volumes to be thin,'' said a dealer with a foreign brokerage. ''It will stay within this trading range.'' Resistance for the key share index was seen at 1,295 points and support at 1,280, said SBB Securities senior analyst Ng Jun Sheng.

On Wednesday, the benchmark Composite Index <.KLSE> edged 0.03 percent lower to 1,285.94 points. The September futures contract put the index at 1,265.0.

U.S. stock indexes ended little changed on Wednesday as record oil prices lifted energy shares, but a disappointing outlook from Texas Instruments Inc. raised concerns about the technology sector's profit outlook.

The Dow Jones industrial average <.DJI> fell 0.13 percent to 13,291.65. The Standard&Poor's 500 Index <.SPX> rose just 0.07 point to 1,471.56 while the Nasdaq Composite Index <.IXIC> fell 0.21 percent to 2,592.07.

Reuters SZ VP0716

Please Wait while comments are loading...