Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 6): The FBM KLCI extended its loss at mid-morning on Tuesday and fell 1.54% as regional markets stumbled on dampened sentiment with crude oil prices hovering around the US$50 per barrel mark.

At 10.01am, the FBM KLCI fell 26.49 points to 1,710.13.

Meanwhile, the ringgit fell 0.58% to trade at 3.5542 versus the US dollar.

The top losers included Petronas Gas Bhd, Hong Leong Financial Group Bhd, Dutch Lady Milk Industries Bhd, Hong Leong Bank Bhd, British Ameroican Tobacco (M) Bhd, UMW Holdings Bhd, Kuala Lumpur Kepong Bhd, AMMB Holdinghs Bhd, RHB Capital Bhd and Public Bank Bhd.

The actively traded counters included Iris Corporation Bhd, Kronologi Asia Bhd, Hubline Bhd, Minetecj Resources Bhd, Sumatec Resources Bhd, Technodex Bhd and AirAsia Bhd.

The gainers included United Plantations Bhd, Yinson Holdings Bhd, BLD Plantation Bhd, Media Prima Bhd and LTKM Bhd.

Asian shares tumbled on Tuesday as sliding oil prices and political uncertainty in Greece forced investors out of risk assets and into the safety of government bonds, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 percent while Japan's Nikkei dropped 2.0 percent, it said.

Hong Leong IB Research said that following the overnight Dow’s 1.9% freefall, KLCI was poised to extend its downward consolidation this week as sentiment will be affected by persistent concerns over the health of the Malaysian economy and corporate earnings and bearish daily FBM KLCI chart.

“Meanwhile, the sliding ringgit (versus US dollar) and lower crude oil prices will continue to exert pressures to government revenue and fiscal deficit position.

“Key resistances are 1750-1760 levels whilst supports are situated near 1700-1725 after violating the middle Bollinger band at 1737 yesterday,” it said.

 

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