HDBSVR: More woes ahead for Bursa Malaysia
Publish date: Tue, 09 Aug 2011, 07:35 AM
KUALA LUMPUR: Hwang DBS Vickers Research said the FBM KLCI, after recovering from a low of 1,476.24 to close at 1,496.99 on Monday, Aug 8,(a 27.4-point decline), the key FBM KLCI is expected to plunge deeper on persisting selling activities on Tuesday.
'Technically speaking, the benchmark index may fall towards the next support level of 1,465 ahead,' it said.
HDBSVR said essentially, investors will be more inclined to sell rather than buy equities following Wall Street's extended freefall.
Major U.S. stock bellwether tumbled further last night (down between 5.5% and 6.9% at the closing bell) in the aftermath of S&P's downgrade of the U.S. sovereign credit rating.
'And more downside could be in store when trading resumes today, as the Dow Jones Industrial Average futures contract was hovering at a 157-point discount to the spot rate this morning.
'Given the prevailing jittery market mood, it seems too early to bottom fish at this juncture. Capital preservation will be the priority of most investors for now,' it said.
'Technically speaking, the benchmark index may fall towards the next support level of 1,465 ahead,' it said.
HDBSVR said essentially, investors will be more inclined to sell rather than buy equities following Wall Street's extended freefall.
Major U.S. stock bellwether tumbled further last night (down between 5.5% and 6.9% at the closing bell) in the aftermath of S&P's downgrade of the U.S. sovereign credit rating.
'And more downside could be in store when trading resumes today, as the Dow Jones Industrial Average futures contract was hovering at a 157-point discount to the spot rate this morning.
'Given the prevailing jittery market mood, it seems too early to bottom fish at this juncture. Capital preservation will be the priority of most investors for now,' it said.
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S&P has downgraded US debt, this has created panic in the markets. But the question is should we take S&P seriously when these credit rating agencies have proved that their understanding about economies is indeed poor.
Remember, it was the same S&P that gave AAA rating to mortgage backed securities in 2005-2007 and we all know what happened after that. So I guess one should take this and apply own judgement in the current situation. After all, Apple and Google have been making record earnings in the recent quarters.
2011-08-10 14:58