=MARKET BUZZ: Malaysia’s KLCI Falls 1%; 1700 Support Tipped - Kenanga
KUALA LUMPUR (Oct 19) -- Malaysia's benchmark KLCI down 1% at 1718.69 amid broad losses in Asia and as Malaysia’s lowered economic growth forecasts weigh. Maxis biggest loser on the index, now down 2.4% to MYR5.38. CIMB Investment Bank cuts rating to Reduce from Hold, cuts target price to MYR5.10 from MYR5.70 after 3Q net profit falls 9% on-year; adds, guidance implies “sharp” quarter-on-quarter fall in 4Q EBITDA. In broader market, losers outpace gainers 313-to-76; about 248.72 million shares change hands so far in deals worth MYR119.50 million. USD/MYR at 4.16, highest in 2018 after government says cuts economic growth targets, says to miss aim to balance its budget by 2020. "There are fears of a foreign sell-down,” says Kuala Lumpur-based dealer; notes, ringgit has weakened over 5% since new government assumed office. Kenanga Investment Bank tips support for KLCI at 1700, resistance at 1760.
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