KUALA LUMPUR (Sept 7): The FBM KLCI remained under pressure at midday break today and struggled to defend its 1,800-point level.
At 12.30pm, the FBM KLCI fell 2.27 points to 1,796.30. The index had started the day positively and risen to a high of 1,802.12.
Losers led gainers by 443 to 230, while 1,211 counters traded unchanged. Volume was 900.46 million shares, valued at RM619.03 million.
The top losers included British American Tobacco (M) Bhd, Malaysian Pacific Industries Bhd, Hartalega Holdings Bhd, Dutch Lady Milk Industries Bhd, Panasonic Manufacturing Malaysia Bhd, CI Holdings Bhd, Malaysia Airports Holdings Bhd and Top Glove Corp Bhd.
Actives included Priceworth International Bhd, Borneo Oil Bhd, Sapura Energy Bhd, My E.G. Services Bhd, Frontken Corp Bhd and Nexgram Holdings Bhd.
Gainers included Hong Leong Financial Group Bhd, Carlsberg Brewery Malaysia Bhd, UEM Edgenta Bhd, Weida Bhd, Gamuda Bhd, Magni-Tech Industries Bhd, United Plantations Bhd, AirAsia Bhd and Genting Bhd.
Asian shares carved out a 14-month trough on Friday, as investors feared a new salvo of Sino-U.S. tariffs could come at any moment, while a slump in U.S. chip stocks rippled through the tech-heavy region, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.4%, having earlier reached its lowest since mid-July last year, Reuters said.
Affin Hwang Capital Research said the FBM KLCI Index edged higher (up 3.07 points) on Thursday.
“Prices currently hovering around the 20 days EMA. If prices subsequently move lower from here, the 50% Fibonacci level [is] likely to be the next area of support.
“The FBM KLCI Index may experience downward bias in the near-term,” the research house said.