Malaysia 2nd quarter GDP at 3.9% which turned out better than expected, although welcomed, did little to stir interest among players. Most, it would seem, remain fixated on external developments especially the health of US economy which will have a direct impact on export-oriented Asian countries. Mirroring previous day trading sessions, participation in the outright futures contracts remained anemic as buying in the broader market remains tepid. Given the lack of leads, index futures drifted into negative territory to an intraday low of 1167.5 before crawling up to settle at 1173.5, up to 4.5 points.
August contract expires today but chances of any expiration play is unlikely ahead of the extended weekend. With market volume consistently on the low side, players may take advantage to sell into any strength with September upside potential limited at 1178 level. As for downside, current support is envisaged at 1163.5 points.
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