Markets to stay under pressure

The markets are expected to stay under pressure, tracking weak global markets.

Asian markets were also trading weak, tracking US markets. Hong Kong's Hang Seng index tumbled 180.57 points or 0.87% at 20,638.04 while Japan's Nikkei slumped 141.86 points or 0.79% at 17,899.07.

Singapore's Straits Times (down slipped 0.49% at 3,546.22), South Korea's Seoul Composite (down 0.13% at 1,739.85) also declined. However, Taiwan's Taiwan Weighted was up 0.04% or at 8,318.38

US stocks slid for a second straight session yesterday after an increase in labour costs stirred concerns about inflation and interest rates and as the yield on the benchmark 10-year Treasury flirted with 5%. The Dow Jones fell 129.79 points, or 0.95%, to 13,465.67, losing more than 210 points in two days.

Broader stock indicators also fell. The Standard & Poor's 500 index fell 0.89%, to 1,517.38, and the Nasdaq composite index fell 0.92% to 2,587.18.