Malaysian shares outlook - Lower after Wall Street tumble
pluto
Forbes - NY,USA
Stocks to watch today include Malayan Banking (Maybank), Malaysia's largest
bank by assets, on a news report that it is a leading contender for
Singapore ...
<http://www.forbes.com/markets/feeds/afx/2008/03/16/afx4778680.html>
AFX News Limited
Malaysian shares outlook - Lower after Wall Street tumble
03.16.08, 8:35 PM ET
KUALA LUMPUR (Thomson Financial) - Malaysian shares are expected to open
lower Monday as a tumble on Wall Street on Friday on credit worries adds to
an already jittery mood after the country's ruling party suffered its worst
defeat in the recent general election.
On Friday, the Dow Jones Industrial Average closed down 194.65 points or
1.60 percent at 11,951 points on news that the Fed and JPMorgan Chase & Co
had to bail out Bear Stearns, the fifth-largest investment bank in the US,
adding to fears that the credit crisis is far from over.
'We expect rangebound trading for the KLCI (Kuala Lumpur Composite Index)
this week. The market may continue to consolidate depending on daily news
flow. Trading is going to be very volatile,' said Ng Jun Sheng, senior
investment analyst at SBB Securities.
Investors have been cautious about the stock market's outlook after the
stunning losses suffered by the Barisan Nasional, Malaysia's ruling party,
in the recent general election when it lost four states to the opposition
as well as its two thirds majority in parliament.
Stocks to watch today include Malayan Banking (Maybank), Malaysia's largest
bank by assets, on a news report that it is a leading contender for
Singapore investment arm Temasek Holdings' 42 percent stake in Bank
Internasional Indonesia (BII).
Maybank was among three candidates shortlisted to bid for the stake in
Indonesia's sixth largest bank by assets. The other shortlisted bidders
were the HSBC group and Bank of China.
On Friday, the KLCI closed down 6.51 points or 0.5 percent at 1,194.84.
The FTSE Bursa Malaysia 30-large cap index lost 12.67 points or 0.2 percent
to 7,936.35 and the FTSE Bursa Malaysia second board index dropped 14.04
points or 0.2 percent to 5,748.82.
Decliners led advancers 427 to 278, with 256 stocks unchanged and 463
counters untraded.
Trading volume was light at 516 million shares valued at 1.2 billion
ringgit.
(1 US dollar = 3.16 ringgit)
.
jt/ng
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