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Just watching the Malaysia market and it's getting pretty rough out there. The KLCI dropped another 24 points on Friday, bringing it down to 1,716 - we're basically sitting right on that 1,700 support level now and honestly it could break through if Monday opens as weak as expected. Been tracking this for a bit and we've lost almost 45 points in four straight sessions, which is around 2.6 percent down. Not great.
The selloff is hitting everything - financials got hammered, plantation stocks took losses, telecoms struggling, industrials all red. CIMB Group tanked almost 5 percent, Press Metal dropped over 6 percent, Petronas Chemicals down 5 percent. Only bright spots were a few gainers like Sime Darby and QL Resources, but not enough to offset the damage.
Wall Street didn't help either - Dow fell over 1 percent, NASDAQ down 0.92 percent, S&P 500 sliding 0.43 percent. Apparently producer prices jumped more than expected in January, which is stirring up stagflation concerns. Plus there's all the geopolitical noise with the U.S. and Iran situation pushing oil prices up. Oil jumped 2.6 percent on Friday alone.
Looking ahead, if we break below 1,700 support on Monday, could see more downside. Market's definitely nervous right now.