=MARKET BUZZ: Malaysia's KLCI Likely Higher Tracking Oil; 1841-1877 Band Tipped
KUALA LUMPUR (May 17) -- Malaysia's KLCI likely to open higher tracking gains in crude oil prices; index ended 0.5% higher at 1858.26 yesterday. Overnight Dow Jones up 0.3% as market participants shook off fears of rising bond yields. Europe share prices were higher. Brent crude finished up 1.1% at $79.28 a barrel on decline in U.S. crude inventories and continued signs of reduction in international oversupplies. "A higher oil price and slowdown in foreign selling are expected to push index further today," says dealer at local brokerage; tips index in 1841-1877 band for the day. "The zero-rated GST from Jun 1 should provide positive catalyst to drive domestic consumption and improve market sentiment," says TA Securities in investor note.
- By Chong Sin Hao; Dave.Chong@nikkeinewsrise.com; +60320267363
- Edited by Abhijit Basu
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