MALAYSIAN shares are expected to open lower today following steep losses on Wall Street. US stocks slid more than 3 per cent yesterday after weak results from Bank of America reignited concerns over the state of the banking industry and the economy.
Oil slid over 8 per cent to under US$46 a barrel yesterday, depressed by a rising US dollar and growing caution about the pace of any economic recovery and its impact on oil demand. “KLCI will probably see a pullback today looking at Dow Jones’ losses and the steep fall in crude oil prices.
We may see some buying support at the 959 points level and if that level breaks, the next support level will be 938 points.
"We think there will be more profit-taking on small-cap stocks than big-cap stocks because prices of small-cap stocks have gone up a lot due to retail interest,” said a trader from a top Malaysian brokerage. Elsewhere, Goldman Sachs said in a research note published today Tuesday that it is turning more positive on palm oil stocks due to supply squeeze.
“We still expect some short-term pullback in crude palm oil prices, but now believe the magnitude may not be substantial; we are more inclined to buy on dips given the longer-term positive trend we see,” said Goldman Sachs. - Reuters
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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