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KLCI Today Expected To Slip Ahead

Negative vibes from external sources will provide an excuse for  investors to take profit on Malaysian equities today. If so, then the benchmark FBM KLCI is expected to slip ahead, possibly on its way towards the first support level of 1,305.

Essentially, regional stock markets could be in the red when trading resumes this morning following last Friday’s tumble on Wall Street. Major U.S. stock bellwethers plunged between 1.1% and 1.6% at the closing bell hit by fraud allegations at Goldman Sachs.

Meanwhile, back home, new developments have emerged with  regard to Hong Leong Bank’s offer to acquire the assets and liabilities of EON Capital, which may translate to added trading interest in related counters today. In particular, Affin has responded by stating that it has not submitted any competing bid to Bank Negara to buy over EON Capital’s banking business. Separately, Primus (an existing substantial shareholder of EON Capital) has issued a statement to say that it has no intention to sell out of EON Capital.

source: HDBS Vickers