Malaysian shares to trade downwards

Malaysian shares are likely to trade downwards in the coming week with investors staying on the sidelines amid lingering concerns over a US credit crisis, dealers said on Friday. The Kuala Lumpur Composite Index (KLCI) lost 96.14 points or 7.5 percent over the past week ending at 1,191.55.
Aseambankers Research investment analyst Tee Sze Chiah said the market was expected to experience a bearish mode after the key-index plunged below 1,200 points. Sustained selling by foreign investors have led to programmed-selling in the local bourse, he said.
Tee said there was a possibility the bourse will test 1,100 points in the near-term as there appears to be no end to the current turmoil.
"I believe the current volatile market is too risky for bargain hunters. As there is no end in sight for the current correction, investors should continue to avoid the market," he said.