S&P 500 @ 752

MALAYSIAN shares are expected to open lower today after the Standard & Poor’s 500 index plunged to its lowest level in 11 years on worsening fears about the US economic slowdown. The Standard & Poor’s 500 Index lost 54.14 points, or 6.71 per cent, to 752.44 after data showed the number of US workers on jobless rolls surged to the highest in a quarter century. “Basically, we are looking at a gloomy, gloomy day for Malaysian stocks. There will be further downside pressure because the S&P 500 crashed to its lowest level since 1997,” said Stephen Soo, technical analyst at TA Securities. “The US government’s possible bailout plan for the auto sector will definitely affect market in the region and we will not be able to escape that regional selldown,” he said.
The Dow Jones industrial average plunged 444.99 points, or 5.56 per cent, to 7,552.29. The Nasdaq Composite Index slid 70.30 points, or 5.07 per cent, to 1,316.12. - Reuters