Malaysia's KLCI Dips Below 1,610 as Wall Street's Tech-Led Selloff Threatens Further Losses

Malaysia's Kuala Lumpur Composite Index may test support at 1,600 points Friday after snapping a two-day winning streak that had added nearly 10 points, or 0.6 percent. The benchmark fell 2.71 points, or 0.17 percent, to close at 1,611.16 Thursday, trading between 1,608.25 and 1,625.46. Utilities, telecoms, property and energy stocks led declines, offset partly by support in financials and plantations. The soft global outlook for Asian markets follows a negative Wall Street session, with the tech-heavy NASDAQ tumbling 1.38 percent to 26,184.72 amid renewed pressure on technology stocks. Alphabet (GOOGL) plunged 13.2 percent after weaker-than-expected third-quarter revenue and negative free cash flow. The Dow shed 0.25 percent to 52,342.56 and the S&P 500 lost 0.30 percent to 7,720.39. U.S. consumer prices rose in line with estimates for September. West Texas Intermediate crude for December delivery fell $0.79, or 0.77 percent, to $101.99 per barrel on expectations of a possible de-escalation in the U.S.-Iran conflict.