0039 GMT [Dow Jones] KLCI likely to open lower, taking lead from weaker U.S. stocks, says dealer with local brokerage; tips buying blue chips on dips. Separately, TA Securities says more bearish momentum and trend indicators for KLCI, highlighted by the overbought daily slow stochastics and 14-week RSI indicators, imply limited upside potential and point toward further consolidation this week; tips immediate support at 1,164, with 1,180 as resistance. KLCI ended Friday down 0.2% at 1,174.27; market closed Monday for holiday. TA also says investors should continue to buy on dips Axiata (6888.KU), Bumiputra-Commerce (1023.KU) and Public Bank (1295.KU) for medium-term upside, while lower liner steel and construction related stocks could be bargains on further dips given possible rising spending on infrastructure development under MYR67 billion stimulus plan.
Dow Jones Newswires
August 31, 2009 20:39 ET (00:39 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
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