KUALA LUMPUR: Hwang DBS Vickers Research said although the benchmark FBM KLCI reached a fresh 30-month high on Monday, Aug 24, it expected some selling pressure to set in.

The FBM KLCI has risen for the seventh consecutive day for a cumulative gain of 53.8 points or 4.0%. ?Consequently, the bellwether may slide towards its resistance-turned-support level of 1,395 ahead,? it said.

On Monday, the local stock market?s performance came on the back of a negative market breadth (465 losers versus 291 gainers) while market volume also eased to around 800 million shares. This suggested the buying momentum could be losing steam already.

Among the slew of corporate result announcements released last evening, Telekom Malaysia disappointed but Proton surprised on the upside.

More earnings report cards are due this evening, such as from Axiata, MRCB, Parkson and Petronas Dagangan.

Of interest too is Genting Malaysia?s EGM to be held this Tuesday afternoon, as its minority shareholders will decide whether to approve or reject the company?s plan to buy over the UK casino businesses for 340 million sterling pounds in a related party transaction.