It is going to be a slow trading day on our Malaysian stock exchange today

It is going to be a slow trading day on our Malaysian stock exchange today, much like yesterday (which saw fewer than 900m shares changing hands) as a dearth of fresh market leads is expected to keep most investors on the sideline. On Wall Street last night, key U.S. equity indices ended between flat and marginally weaker (-0.5%).

Similarly, the FBM KLCI will likely show a flat performance ahead to reflect the sluggish investors’ mood. The benchmark index could be moving sideways inside a narrow trading range with its immediate support level seen at 1,495.

Against a broadly quiet market backdrop, Esso Malaysia shares will come under the limelight following the sale of a 65% controlling stake to San Miguel Corporation, which will also be required to extend a mandatory takeover offer at RM3.50 per Esso Malaysia share (versus its last traded price of RM4.95). Separately, MISC is scheduled to announce its latest quarterly results in the evening.

Report from HWangDBS