FBM KLCI down 9.65pts on profit taking

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KUALA LUMPUR (Aug 29): The FBM KLCI fell 9.65 points or 0.53% on profit taking and as global investors looked ahead at the timing of the US's planned tariffs on imports from China.

At Bursa Malaysia, the KLCI settled at 1,817.25 points. Investors took profit today after the index's 15.3-point rise yesterday.

Today, Kenanga Investment Bank Bhd wrote in a note: "(The KLCI's) Longer term technical outlook is looking positive with the index trading above key SMAs (simple moving averages) coupled with positive signals from key momentum indicators. Should the index trend higher, we expect it to move towards resistance levels at 1,840 and 1,870."

Globally, Reuters reported that Asian shares crept marginally higher on Wednesday as optimism over the US-Mexico trade deal was quickly clouded by caution ahead of a looming deadline on tariffs with China.

It was reported that analysts at JPMorgan noted the deadline for public comment on US President Donald Trump's increased tariffs on US$200 billion of Chinese goods was less than a week away on Sept 5.