KLCI poised to close lower for fourth day

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KUALA LUMPUR (Sept 4): The FBM KLCI looked poised to close lower for the fourth consecutive day and maintain its poor start to September at midday break today, tracking losses at regional markets.

At 12.30pm, the FBM KLCI dipped 3.28 points to 1,810.30.

Losers led gainers by 356 to 213, while 1,196 counters traded unchanged. Volume was 1.16 billion shares, valued at RM755.27 million.

The top losers included Heineken Malaysia Bhd, Hong Leong Industries Bhd, Malaysian Pacific Industries Bhd, United Plantations Bhd, Dutch Lady Milk Industries Bhd, Axiata Group Bhd, Kian Joo Can Factory Bhd, Ajinomoto (M) Bhd, Top Glove Corp Bhd and Press Metal Aluminium Holdings Bhd.

The actives included D.B.E. Gurney Resources Bhd, Sapura Energy Bhd, Priceworth International Bhd, Tiger Synergy Bhd, Hibiscus Petroleum Bhd and Pesona Metro Holdings Bhd.

Top gainers included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Petron Malaysia Refining & Marketing Bhd, Hong Leong Bank Bhd, British American Tobacco (M) Bhd, Mi Equiment Holdings Bhd and Hartalega Holdings Bhd.

Asian shares fell and the dollar turned higher on Tuesday, as the trade dispute between the United States and China threatened to escalate this week, and as emergency austerity measures in Argentina underscored the turbulence gripping emerging markets, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3%. Chinese blue-chips also fell 0.3%, reversing earlier gains, Reuters said.

Affin Hwang Capital Research said the FBM KLCI Index lost 6.08 points in the last session.

“Technical indicators are showing early signs of slowing down, which are reflected in prices — prices are retracing. The index may experience support at the 61.8% Fibonacci level, which also coincides with the immediate support level.

“The FBM KLCI Index may experience upward bias in the near-term,” the research house said.