MALAYSIAN shares are expected to open lower today, tracking Wall Street shares that slid on weak corporate profits and slowing demand worldwide.
The Dow Jones industrial average fell 2 per cent to 8,693.96 and the Standard & Poor’s 500 Index shed 2.20 per cent to 898.95 on Tuesday.
“I think the market today will be under some selling pressure,” said a dealer with a leading local brokerage.
“On the back of the lower Dow Jones, I do believe our market KLCI (Kuala Lumpur Composite Index) will be under some pressure also. I don’t see many catalysts moving upwards so the question is how strong market can be supported,” he said.
Malaysia’s benchmark index KLCI yesterday closed down 1.1 per cent at 894.60 points. The dealer said he expected further downside in the range of 10 to 15 points today.
Malaysian market heavyweights Maybank and Telekom Malaysia posted disappointing results yesterday, with the bank’s net profit falling 22 per cent and the fixed line operator swinging to a loss.
The dealer said Maybank could see further selling pressure today due to its weak corporate performance and the weakening economy. - Reuters
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