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Published: Tuesday February 5, 2013 MYT 8:54:00 AM

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.

Alam Maritim secured an extension of contract worth RM71mil by Petronas to provide two workboats.

Also in focus could be CBIP, after bagging a RM18mil contract from Felda.

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