Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (June 22): The FBM KLCI opened lower this morning as market sentiment appeared to stay wary in line with the jittery mood at the most global markets by concerns over the Greek debt crisis.

At 9am, the FBM KLCI shed 0,15 points to 1,721.62.

The top losers included MSC Bhd, Hong Leong Financial Group Bhd, Media Prima Bhd, Tan Chong Motor Holdings Bhd, Felda Global Ventures Bhd, Public Bank Bhd, Malaysian Marine and Heavy Engineering Holdings Bhd, QL Resources Bhd and IJM Corporation Bhd.

M & A Securities’ head of research Rosnani Rasul in a market preview today said Wall Street unloaded some points on Friday hurt by the brewing storms from Greece.

She said that S&P 500 and DJIA let go 11.25 (-0.53%) and 99.89 (-0.55%) points to end at 2,109.99 and 18,015.95.

Rosnani said that in a last ditch to save Greece from defaulting, the country and its creditors will be holding an emergency summit on Monday to thrash out a plan with Athens to provide Greece with additional funds to prevent it from defaulting on its debt.

“As the plot thickens and the clock ticking, Greece continued to reiterate that it does not have the money to meet its debt obligation although the amount is only a minute €3.1 billion.

“Note that there is a real possibility that Greece could default on its obligation this time around. As the deadline is nearing, i.e. June 30th, we opine that news about Greece could dominate the minds of global equity players throughout the time,” she said.

Rosnani said that notwithstanding that, this week’s economic announcements would be dominated mostly by Purchasing Managers’ Index releases around the global and the US final 1Q15 GDP numbers.

“Other than that, we don’t think that second liners economic announcements will have much bearing in the global equity market.

“Hence, expect some nervousness and jitteriness in the global equity market to continue,” she said.

      Print
      Text Size
      Share