=MARKET BUZZ: Malaysia KLCI Turns Lower On Renewed 1MDB Worries; Seen Range-Bound
KUALA LUMPUR (Jun 19) -- KLCI turns lower after opening marginally higher, now down 0.1% at 1789.41 as renewed concerns over 1MDB weigh on sentiment. Today reports quoting Minister in Prime Minister’s Department Abdul Rahman Dahlan saying U.S. Department of Justice must publicly name the complainants in its investigations on money misappropriated from state fund 1Malaysia Development Berhad. About 346 million shares changes hands so far in deals worth MYR171 million. Kuala Lumpur Kepong among KLCI laggards, down 1.5% at MYR24.92. "The renewed 1MDB saga, GST imposition on new items and a softer ringgit is hurting sentiment today. But, we still expect the index to remain range-bound amid flat MACD and RSI indicators," says analyst at local brokerage. Sector wise, "construction related lower liners such as Gadang, Kim Lun, KKB Engineering and WCT Holdings should encourage investors to bargain hunt on any share price weakness," says TA Securities in investor note. In broader market, laggards outpace gainers 335 to 179.
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