=MARKET BUZZ: Malaysia’s KLCI Likely Lower; Banks, Planters May Lead Losers - TA
KUALA LUMPUR (Mar 25) -- Malaysia’s KLCI likely lower, tracking early losses in Asia after weak economic data drove declines on Wall Street Friday; local index ended Friday 0.2% higher at 1666.66. Nikkei 225 last down 2.3% while S&P/ASX 200 slips 1.2% after Dow Jones Industrial Average fell 1.8%, S&P 500 shed 1.9%, and Nasdaq Composite plunged 2.5% Friday as weak factory activity data from US and Europe fueled slowdown fears. May Brent crude lost 1.2%, to $67.03 a barrel. "Sell signals noted on daily technical momentum indicators and worsening trend indicators on the KLCI following last week’s steep correction implies further weakness ahead," says TA Securities Chartist Stephen Soo; adds, decline likely to be led by banking, plantation and export-related stocks due to the weaker growth outlook. Tips support at 1657 followed by December 2018 low of 1626.
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