Global growth concerns bite. The FBM KLCI closed 3.16 points lower to 1,554.85 points as concerns over a slowdown in global economic growth persisted, coupled with fears of rating downgrades on US sovereign debt, which rating agencies have placed a negative outlook. Today’s key domestic corporate headlines are Mah Sing securing a project to develop part of the Pekeliling flats along Jalan Tun Razak with an estimated GDV of RM900m, CIMB Group signs a pact with Kotak Mahindra Bank Ltd in India to tap cross border investment potential between India and ASEAN, MBSB reports a 58% surge in 2QFY11 results and CB Industrial secures a RM171m contract.
We expect sentiment on the local market to remain jittery following a sharper-than-expected drop in US factory orders for the month of July spooking the Dow Jones to lose more than 2% lower overnight.
We expect sentiment on the local market to remain jittery following a sharper-than-expected drop in US factory orders for the month of July spooking the Dow Jones to lose more than 2% lower overnight.
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