Malaysia Shares May Rise; Set To Test 1609

18 Jun 2012

Malaysia shares may rise on hopes that the eurozone can get on top of its sovereign debt woes following election results in Greece and France.  Dealers say a relief rally in the market will likely lift the benchmark KLCI to challenge resistance at 1609.  "We're seeing a positive turn across asset classes in Asia and this means that the market's risk-on mode is back again," says a dealer with a local bank.  The KLCI ended Friday up 0.5% at 1579.23. High beta stocks and index constituents such as CIMB Group (1023.KU) and Genting (3182.KU) will likely be in focus, thanks to foreign inflows.