=MARKET BUZZ: Malaysia’s KLCI May Fall; Profit-Taking Likely For Maxis, Tenaga
KUALA LUMPUR (Jun 12) -- Malaysia’s KLCI likely to decline following overnight weakness on Wall Street amid ongoing concerns over US-China trade relations; local index ended 0.3% lower at 1651.20 Tuesday. Asian markets currently mixed with Nikkei 225 falling 0.1% while S&P/ASX 200 gains 0.6%. Overnight, Dow Jones Industrial Average fell 0.1% while S&P 500 and Nasdaq Composite also ended in negative territory. August Brent crude was unchanged at $62.29 a barrel. “Blue chips should fall back for profit-taking consolidation given the short-term overbought momentum,” says TA Securities Technical Analyst Stephen Soo. Adds, Maxis seen slipping into profit-taking mode while indicators point to potential correction in Tenaga Nasional. Tips immediate support and resistance at 1626 and 1657 respectively.
- By Jason Ng; Jason.Ng@NikkeiNewsRise.com; +60320267363
- Edited By Suzannah Benjamin
- Send Feedback to feedback@NikkeiNewsRise.com
- Copyright (c) 2019 Nikkei NewsRise Asia Pte Ltd.