Maybank will lead the Correction?

The underlying strength in the local equity market appears sustainable but its overbought condition could lead to technical correction this week led by core banking stocks. Maybank could top the correction list as rumours about the simultaneous resignations of three senior executives may fuel speculations about lack of cohesion and direction at the top level. Other banking stocks and recent outperformers like glove stocks may undergo similar correction due to their overbought conditions.