=MARKET BUZZ: Malaysia’s KLCI May Edge Up; Selling Pressure At 1610 Tipped
KUALA LUMPUR (May 15) -- Malaysia’s KLCI may rise slightly after overnight rebound for US stocks amid lingering concerns over trade tensions; local index fell 0.1% to 1599.19 Tuesday, lowest since September 2015. Nikkei 225 last down 0.1% while S&P/ASX 200 up 0.1%. Overnight, Dow Jones Industrial Average and S&P 500 rose 0.8% while Nasdaq Composite was up 1.1%. July Brent crude rose 1.4% to $71.24 a barrel. “We have seen profits being hit by the uncertainty brought by US-China trade war and we can’t rule out that there’s more downside to stocks if it continues,” says a dealer with local brokerage; notes, prevailing uncertainty on trade war suggests markets may be very volatile ahead. Tips potential selling pressure at 1610, with immediate support at 1570-1580.
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- Edited By Suzannah Benjamin
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