Selling pressures across Asia when trading resumes this week

Brace for more selling pressures across Asia when trading resumes this week. Essentially, the bears would remain in control following an extended drop on Wall Street last Friday. Key U.S. equity indices fell between 1.5% and 1.6% at the closing bell as investors sold equities in response to deteriorating economic prospects.

Back home, the benchmark FBM KLCI will likely start the week on a weaker footing, possible sliding towards the immediate support level of 1,465 ahead. Among the index heavyweights that could drag down the broad market today include Tenaga (after it issued a profit warning arising from additional high fuel costs) and Maybank (which is due to release its latest quarterly results during lunch hours today).

Report from HWangDBS