Malaysia's blue chips could slip on Wall Street weakness

KUALA LUMPUR: Hwang DBS Vickers Research believes there is an increased risk that Malaysian equities would fall on Tuesday.

"From a technical perspective, the benchmark FBM KLCI could back off from the immediate resistance level of 1,635 towards the psychological support mark of 1,600 ahead," it said in its market outlook. Overnight on Wall Street, major bellwethers slumped between 0.9% and 1.5% at the closing bell as sentiment was spooked by renewed concerns over Europe debt woes. At Bursa Malaysia, MISC could attract interest on media reports some institutional funds are exerting pressures on major shareholder Petroliam Nasional Bhd to raise its offer price of RM5.30 per share for the privatisation of the company.