=MARKET BUZZ: Malaysia's KLCI Likely Lower On Profit-Taking; 1715 Support Tipped
KUALA LUMPUR (Nov 09) -- Malaysia's KLCI expected to edge lower amid likely profit taking. Index ended 0.4% higher at 1721.42 Thursday; up 0.4% for week so far following 1.8% increase last week. S&P 500 and Nasdaq Composite fell 0.3% and 0.5% overnight, while Dow Jones Industrial Average inched 0.04% higher after Federal Reserve flagged business investment “moderated from its rapid pace earlier in the year." Brent crude fell 2% to $70.65 a barrel on rising output data. Profit-taking will likely drag KLCI to 1715 support level, Kuala Lumpur-based analyst says; attributes Thursday’s close off intraday high to profit booking. Trading opportunities for export-oriented stocks may rise as investors monitor weakening MYR trend after rating agencies flagged Malaysia's weakened fiscal profile, a Kuala Lumpur-based dealer says; USD/MYR up 0.2% so far this week.
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