KLCI ended down 2.8% at 1166.38 in moderate volume in line with regional declines as foreign fund led selling dragged Genting down 5.3% to MYR35.75, Bursa Malaysia down 6.9% to MYR9.40, IOI Corp down 3.6% to MYR18.60 and Maybank down 4% to MYR12. Market likely to consolidate within 1150-1180 band over next few days. Worries about growing crisis in U.S. mortgage lending cited as main cause for rout in equities. As usual Bursa Malaysia's CEO Yusli Mohamed Yusoff said domestic "fundamentals remain intact" helping benchmark rebound of its intraday low of 1159.03. However investors skeptical of any near term recovery; expect investors to continue to sell into any rallies and stay on sidelines until markets show signs of stability.
TOMYAM MONITORING LIST
Chap Ayam Market Talk Today:
- Crest Builder Eyes MYR200M Boost To Order Book
- JP Morgan Keeps IJM At Overweight, Tgt MYR9.70
- MAS To Launch Budget Airline
- Melewar Down 6.7%; Awaits Rail Bid Outcome
- Menang Off Low; MYR260M Job To Improve Liquidity
- Asia Stock Market Fall Likely "Transitory"
- OSK Ups Dialog To Trading Buy, MYR1.28 Target
- ML Ups AMMB Target To MYR4.20 Vs MYR3.95; Buy
- Alam Down 2.8% Despite MYR19.2M Charter Job
- Bursa May Gain On April 1 Clearing Fee Cut
- German Envoy Says VW Still Keen On Proton Deal.