KLCI falls 0.46% as regional markets turn red

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KUALA LUMPUR (Dec 9): The FBM KLCI fell 0.46% at mid-morning on Tuesday in line with the dip at most regional markets.

At 10am, the FBM KLCI lost 8.03 points to 1,732.81.

The top losers include Aeon Credit Services (M) Bhd, Kuala Lumpur Kepong Bhd, Tasek Corporation Bhd, Petronas Dagangan Bhd, Tambun Indah Land Bhd, Lafarge Malaysia Bhd, RHB Capital Bhd, MISC Bhd and Press Metal Bhd.

Compugates Holdings Bhd was the most actively traded counter with 29.11 million shares done. The stock was flat at 5 sen.

The other actives included Privasia Technologies  Bhd, Sumatec Resources Bhd, Bumi Armada Bhd, Perisai Petroleum Teknologi Bhd, SapuraKencana Petroleum Bhd and Tiger Synergy Bhd.

The top gainers included British American Tobacco (M) Bhd, Tenaga Nasional Bhd, Alliance Financial Group Bhd, Karex Bhd, Hong  Leong Bank Bhd, IJM Corporation Bhd and Hong Leong Financial Group Bhd.

Regionally, Asian share markets were mostly in the red on Tuesday while the U.S. dollar began to edge higher once again aided by a media report the Federal Reserve might take a rhetorical step toward tightening at its meeting next week, according to Reuters.

Oil prices also extended their long crash with U.S. crude hitting its lowest in five years amid a glut of supply and pressuring energy stocks globally, it said.

Hong Leong IB Research said the FBM KLCI is likely to be choppy and volatile in near term mainly due to the weak ringgit and lower crude oil price.

It said the mid-long term picture of the FBM KLCI remains bearish as downtrend is still intact.

“We are looking at supports near 1733, 1715 and 1700.

“For technical rebound, look for an immediate tough upside resistances at 1758, 1778 and 1800 psychological levels,” it said.