Malaysian bourse could remain under selling pressures today

The waiting game continues. There was no compromise yet by the lawmakers to reach an amicable agreement to resolve the U.S. federal debt ceiling. In reaction, Wall Street’s equity indices ended between flat and minus 0.5% last night.

Back home, our Malaysian bourse could remain under selling pressures today. The benchmark FBM KLCI may show a downward bias ahead, threatening to slip below the immediate support level of 1,550. On the corporate front, we will probably see share price actions in the following property counters today:
(a) E&O, after a local newspaper reported that the major shareholders of SP Setia plan to acquire a strategic stake in the company; and
(b) Dutaland, which has announced a disposal of 12,000 ha of plantation land to IOI Corporation for RM830m.

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