=MARKET BUZZ: Malaysia KLCI Likely Lower On Foreign Selling; Key Support At 1741
KUALA LUMPUR (Oct 13) -- KLCI likely to open lower on continued foreign outflows; index closed down 0.2% at 1754.00 yesterday, its third consecutive session of losses. Overnight Dow Jones down 0.1%, as beginning of third-quarter earnings season saw markets lower led by banks. Market participants waited for inflation data Friday that may provide more clues on next interest rate rise. Brent crude fell 1.2% to $56.25 a barrel after IEA reported monthly rise in worldwide crude supplies. "Keen rotational trading interest on penny stocks should continue to attract retailers' participation, while blue chips stay under pressure as foreign selling persists," says TA Securities in investor note. Adds, "crucial 200-day moving average uptrend support is now at 1741."
- By Chong Sin Hao; Dave.Chong@nikkeinewsrise.com; +60320267363
- Edited by Abhijit Basu
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