Markets to decline further: DMG & Partners Secs

Asian markets continue to have sticky session in trade. Gabriel Yap, Senior Dealing Director of DMG & Partners Securities told CNBC-TV18 that markets essentially still have some way to go down but the magnitude of the decline may not be as what we saw in the last 10-months.

Excerpts from a CNBC-TV18’s exclusive interview with Gabriel Yap:

Q: We seem to have one step forward two steps backward sort of trading session panning out today in Asia over the last month or so are you sensing any bottoming side for these markets? Or there is still a long way to go?
 
A: I am actually taking the middle road; I don’t really see that this is the beginning of more climactic things to actually come. At the same time I still think that the credit crisis has sometime to go. If we trace back, some of the credit crisis actually was induced by credit and mortgage problems, the last was the 1989 -1990 savings and loan crisis that lasted for 15-months for the markets to work itself out.
 
Many people actually think that this is in the last 40-years one of the worst crisis that they have seen. If we take that into account the great depressions way back to 1929 where markets were in a trough for three-years then you probably get somewhere between 15-months to three-years.

I think it will be somewhere in between, we are actually in a 10-month sell-off, I think certainly the markets essentially still have some way to go down but the magnitude of the down will not be as what we saw in the last 10-months.