=MARKET BUZZ: Malaysia KLCI Down 0.5%; Maybank Tips 1680-1710 Band
KUALA LUMPUR (Feb 08) -- Malaysia KLCI extends losses, now down 0.5% at 1685.77 as concerns over renewed U.S.-China trade tension and slowing global growth spark selling in Asian markets; Axiata Group leads losers, down 4.1% to MYR3.74 as an order to pay over $535 million in taxes following a Nepal deal continues to weigh on investor sentiment. Overall, losers outnumber gainers 253-to-182 with more than 548 million shares worth MYR232 million changing hands. Outside Malaysia, Nikkei Asia300 Index is down 1.1%. Global equity markets are likely to strengthen as USD continues to weaken, while domestic investors are likely to focus on second and third liners, says Maybank Investment Bank in its morning trading note. Adds, “Technically, we expect KLCI to range between 1680 and 1710 today.”
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