KUALA LUMPUR (May 24): The FBM KLCI remained in positive territory at the midday break today but managed only limited gains as sellers overtook buyers in line with the regional markets.
At 12.30pm, the FBM KLCI rose 3.24 points to 1,770.41. The index had earlier risen to its intra-morning high of 1,772.21.
Losers overtook gainers by 493 to 340,while 363 counters traded unchanged. Volume was 1.93 billion shares valued at RM1.67 billion.
The top gainers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Fraser & Neave Holdings Bhd, Win Tai Malaysia Bhd, Petronas Gas Bhd, Malaysia Airports Holdings Bhd, Tasek Corporation Bhd, Kuala Lumpur Kepong Bhd, MBM Resources Bhd and Tasco Bhd.
The actives included AirAsia X Bhd, Luster Industries Bhd, Borneo Oil Bhd, Key Alliance Group Bhd, Frontken Corp Bhd, NetX Holdings Bhd, AirAsia Bhd and Green Packet Bhd.
The losers included Pos Malaysia Bhd, Lafarge Malaysia Bhd, AirAsia, Selangor Properties Bhd, Theta Edge Bhd, Thong Guan Industries Bhd, Star Media Group Bhd and WCT Holdings Bhd.
Asian shares edged lower in early trade on Wednesday, while the Australian dollar and the offshore Chinese yuan slipped after Moody's cut its sovereign credit rating on China, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 percent despite modest gains on Wall Street overnight, it said.
Kenanga IB Research said that weighed down by the dampened sentiment amidst a possible terror strike that rattled the UK, the FBMKLCI dipped 7.78 points (0.438%) to close lower at 1,767.17.
It said chart-wise, the FBM KLCI is still caught range bound within 1,760-1,784.
“Key momentum indicators are also tapering off, suggesting that the bull is losing its strength.
“Coupled with the lack of key catalyst and rattled global sentiment due to the terror strike in the UK, we reckon that the local bourse will likely continue its tepid trade later today within 1,760 (S1)-1,784 (R1).
“The next overhead resistance and downside support levels are found at 1,800 (R2)/1,743 (S2), respectively,” it said.