=MARKET BUZZ: Malaysia KLCI Pares Gains In Early Trade; Support Tipped At 1750
KUALA LUMPUR (Oct 13) -- Malaysia's benchmark KLCI pares early gains, now barely changed from yesterday’s closing level at 1754.34. Asian shares trading mixed ahead of China trade data due later today. DBS Group expects China's August exports to grow 10% on-year. Axiata Group weighs on index following potential cash flow pressure on new spectrum payment; share now down 1.1% at MYR5.27. In broader market, gainers outpace laggards 224-to-195; about 724 million shares changed hands so far in deals worth MYR196 million. "Yesterday weak index with a very strong volume generally has not been a positive combination," says CIMB Investment Bank's analyst Nick Foo; tips immediate support at 1750. However, "ACE Index has broken out of its consolidation triangle and this would suggest that lower liners may have room to outperform in the near term," he adds. FTSE Bursa Malaysia ACE index now +0.3% at 6953.64, near 2-year high level.
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