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=MARKET BUZZ: Malaysia’s KLCI Slips Into Red; 1670 Support Tipped

KUALA LUMPUR (Jul 11) -- Malaysia’s KLCI slips into red in early trading on profit-taking amid uncertain global environment; index now down 0.1% at 1677.43, while regional key indexes in green. Total of 450.39 million shares valued MYR275.10 million traded so far today. Market breath positive with advancers outnumbering losers by 266-to-184 while 260 stocks unchanged. Dragging index down is Petronas Dagangan, which slips 1% to MYR24.76, Sime Darby down 1.3% at MYR2.31 and Petronas Gas off 0.8% at MYR17.18. Heavyweight stock Public Bank declines 0.6% to MYR22.98. “Blue-chips stocks are likely down on profit taking as investors buy into small and mid-cap stocks amid uncertainty,” says Kuala Lumpur-based trader. Malacca Securities says there could be some near-term positivity to local stock market, but substantive upsides could still be elusive as valuations remain toppish. Adds, potential US rate cut underlines increasing severity of weakness in US economy that could spread to the global economy. House tips index to trade between 1670 to 1680 in near term.

- By Gho Chee Yuan;; +60320267363
- Edited by Lopamudra Bhattacharya
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