KUALA LUMPUR: Hwang DBS Vickers Research expected the Malaysian market, which is still up year-to-date to start on a weaker footing in the second half weighed down by poor external sentiment.
It said on Thursday, July 1 that overnight on Wall Street, major U.S. equity bellwethers sank deeper in late trading ' down by between 1.0% and 1.2% at the closing bell ' on renewed worries over sovereign debt crisis amid report that the credit rating of Spain could be downgraded.
'Technically, the benchmark FBM KLCI ' which bounced up from initial losses to close at 1,314 yesterday ' is anticipated to test the immediate support line of 1,305 again today.
'A break below may then send the key market barometer towards the next support zone of 1,280. At the moment, we expect the FBM KLCI to remain above the psychological level of 1,300,' Hwang DBS Vickers Research said.
It said on Thursday, July 1 that overnight on Wall Street, major U.S. equity bellwethers sank deeper in late trading ' down by between 1.0% and 1.2% at the closing bell ' on renewed worries over sovereign debt crisis amid report that the credit rating of Spain could be downgraded.
'Technically, the benchmark FBM KLCI ' which bounced up from initial losses to close at 1,314 yesterday ' is anticipated to test the immediate support line of 1,305 again today.
'A break below may then send the key market barometer towards the next support zone of 1,280. At the moment, we expect the FBM KLCI to remain above the psychological level of 1,300,' Hwang DBS Vickers Research said.
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