KLCI to track global loss, support seen at 1,770

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KUALA LUMPUR (Aug 14): The FBM KLCI is seen extending its loss today, tracking the overnight weaker close at most global markets, with support at the 1,770-point level.

Turkey's worsening currency crisis sent world equities lower and cut into the value of emerging market stocks and currencies on Monday, while boosting the prices of German bonds and other stable assets, according to Reuters.

The MSCI world equity index, which tracks shares in 47 countries, was down 0.8 percent on the day and 1.8 percent since Friday's open as the Turkish lira plunged to a record low, forcing the country's finance minister to announce an economic action plan to ease nerves, it said.

The Dow Jones Industrial Average fell 125.44 points, or 0.5 percent, to 25,187.7, the S&P 500 lost 11.35 points, or 0.40 percent, to 2,821.93 and the Nasdaq Composite dropped 19.40 points, or 0.25 percent, to 7,819.71, said Reuters.

Based on corporate announcements and news flow yesterday, stocks in focus today may include the following: Guan Chong Bhd, Mycron Steel Bhd, Mynews Holdings Bhd, Malton Bhd, Pavilion REIT, TH Plantations Bhd and Vivocom.