KUALA LUMPUR: BIMB Securities Research expects Bursa Malaysia to remain lacklustre on Friday due to the downbeat global markets but the downside for the FBM KLCI appears quite limited at 1,635.
The research house said after moving sharply lower in the first session on Thursday, US stocks regained some ground late in the day but still closed in negative.
It said trading was volatile as traders kept a close eye on the price of crude oil, which once again saw wild swings on the day.
The Dow ended the session at a two-year closing low, tumbling 254.56 points or 1.6% to 15,660.18 while the S&P 500 slumped 22.78 points or 1.2% to 1,829.08.
The European markets ended the session with another massive decline, again concerns over the global economy persist and potential European banking crisis hence leaving investors with feelings of uncertainty.
Asian stock markets took another pounding as markets in Hong Kong and South Korea resumed trading following a long weekend
The KLCI shed 0.46 points to close at the 1,643.95. Foreign funds were net sellers again at –RM130.2mil while local institutions were net buyers at RM124.1mil and retail investors at RM6.61mil.
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