KUALA LUMPUR (Sept 7): The FBM KLCI pared some of its gains at mid-morning today amid some chopping trading as regional markets slipped.
At 10am, the FBM KLCI was up 0.32 points to 1,798.89. The index had earlier risen to a high of 1,802.12.
Losers led gainers by 243 to 180, while 285 counters traded unchanged. Volume was 391.60 million shares valued at RM188.91 million.
The gainers included Hong Leong Financial Group Bdh, Carlsberg Brewery Malaysia Bhd, Weida Bhd, Panasonic Manufacturing Malaysia Bhd, Fraser & Neave Holdings Bhd, Genting Bhd, Telekom Malaysia Bhd, Hong Leong Bank Bhd and Magni-Tech Industries Bhd.
The actives included Priceworth International Bhd, Borneo Oil Bhd, Sapura Energy Bhd, My E.G. Services Bhd, Frontken Corp Bhd and Nexgram Holdings Bhd.
The decliners included British American Tobacco (M) Bhd, Malaysian Pacific Industries Bhd, CI Holdings Bhd, PPB Group Bhd and Malaysia Airports Holdings Bhd.
Asian shares slipped to a 14-month trough on Friday as investors feared a new round of Sino-U.S. tariffs could come at any moment, while a slump in U.S. chip stocks rippled through the tech sector, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.34 percent to reach its lowest since mid-July last year, it said.
Hong Leong IB Research in a traders’ brief said given the recent technology stock weakness amid the ongoing investigations on social media stocks and potential demand softness, as well as escalating trade tensions and the fallout in the EMs, it expects the Dow to trend sideways.
“Key supports are 25600-25700 while resistances fall on 26000-26200 levels.
“Ahead of the long holidays (Bursa Malaysia will be closed on 10 & 11 Sep due to Agong’s Birthday and Awal Muharram), sentiment on the local bourse will remain edgy.
“Hence, further technical rebound from yesterday is likely to be capped near 1800-1810 levels amid fears over escalation on global trade conflicts and contagion from weak currencies in emerging markets. Key supports are situated at 1773-1787 zones,” it said.