KLCI dips 0.38%, reverses earlier gains

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KUALA LUMPUR (Dec 12): The FBM KLCI dipped 0.38% at mid-morning on Friday, reversing its earlier gains as jittery investor sentiment muted the local market despite firmer overnight performance at most global markets.

At 10am, the FBM KLCI fell 6.70 points to 1,737.87.

The top losers included Petronas Gas Bhd, Fraser & Neave Holdings Bhd, PPB Group Bhd, Lafarge Malaysia Bhd, Kuala Lumpur Kepong Bhd, Sime Darby Bhd, Aeon Credit Services (M) Bhd, P.I.E Industrial Bhd, Kossan Rubber Industries Bhd, Tambun Indah Land Bhd and Coastal Contracts Bhd.

Compugates Holdings Bhd was the most actively traded counter with 26.46 million shares done. The stock was flat at 5.5 sen.

The other actives included SapuraKencana Petroleum Bhd, Perisai Petroleum Teknologi Bhd, KNM Group Bhd, Tiger Synergy Bhd, EA Technique (M) Bhd, Bumi Armada Bhd and Berjaya Corporation Bhd.

The top gainers included Perduren (M) Bhd, Kawan Food Bhd, United Plantations Bhd, Petronas Chemicals Group Bhd, Hong Leong Capital Bhd, Pharmaniaga Holdings Bhd and Eco World Development Group Bhd.

Regionally, the dollar rose on Friday after upbeat U.S. data suggested weaker oil prices are providing additional momentum for the American economy, which also underpinned Asian shares, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade, though on track for a loss of over 2 percent for the week.

Japan's Nikkei stock average was up 0.4 percent in early trade, as a weaker yen helped exporter shares, but was poised to book a loss of more than 3 percent for the week.

U.S. crude futures continued to drop after falling below the key psychological support level of $60 a barrel for the first time in five years, and stood at $59.15 in Asia, down more than 1 percent on the day, it said.

Hong Leong IB Research said that on the technical front, yesterday’s small black candlestick on daily chart indicated more choppy and volatile trading today.

“The mid to long term picture of the FBM KLCI remains unchanged that it is still down and bearish.

“Resistances at 1750, 1770 and 1793 while supports at 1734, 1715 and 1700,” it said.