=MARKET BUZZ: Malaysia's KLCI Likely Lower Tracking Oil; 1664 Support Tipped
KUALA LUMPUR (Jul 12) -- Malaysia's KLCI likely to open lower tracking losses in crude oil prices; index ended 0.1% higher at 1688.77 yesterday. Overnight Dow Jones down 0.9% after Trump administration announced 10% tariffs on further $200 billion in goods from China. Europe stock indexes fell. Brent crude dropped 6.9% to $73.40 a barrel on reports of return of Libyan crude oil production, possible waivers for U.S. sanctions on Iranian oil and renewed trade-war worries. "We expect a selldown in oil & gas related stock. Negative sentiment will spillover to overall market," says dealer at local brokerage. "The broader market remains weak due to faltering buying momentum and concerns the US-China trade war may persist to dampen the global economy," says TA Securities in investor note; tips support at 1664.
- By Chong Sin Hao; Dave.Chong@nikkeinewsrise.com; +60320267363
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