=MARKET BUZZ: Malaysia KLCI Extends Losses; 1760 Support Tipped
KUALA LUMPUR (Aug 11) -- Malaysia's benchmark KLCI extends losses tracking overnight U.S. market, now down 0.5% at 1769.79. Asian shares mostly lower on brewing geo-political tension with North Korea at centre. Maxis down 2.3% at MYR5.65, weighing on index. In broader market, laggards outpace gainers 605-to-45; about 410 million shares changed hands so far in deals worth MYR217 million. "Sentiment is getting more bearish following retracement in Dow Jones, and we don't expect any strong reversal in KLCI today due to lack of positive triggers," says dealer at local brokerage; tips immediate support level at 1760. Adds, "We suggest investors to adopt wait-and-see approach especially for small-caps, as historically August is one of the worst performing months for small-cap index."
- By Chong Sin Hao; Dave.Chong@nikkeinewsrise.com; +60320267363
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