KLCI retreats in line with region, slips below 1,790-level

-A +A

KUALA LUMPUR (Sept 13): The FBM KLCI retreated at the midday break, tracking wobbly regional markets, slipping below the 1,790-point level.

At 12.30pm, the benchmark index shed 1.43 points to 1,788.43. The index had earlier risen to its intra-morning high of 1,793.22.

Losers led gainers by 321 to 293, while 485 counters traded unchanged. Volume was 1.57 billion shares, valued at RM735.48 million.

The top losers included Globetronics Technology Bhd, Hartalega Holdings Bhd, Suiwah Corporation Bhd, Willowglen MSC Bhd, Lotte Chemical Titan Holding Bhd, Lingkaran Trans Kota Holdings Bhd, Genting Malaysia Bhd, Genting Plantations Bhd and LPI Capital Bhd.

The actives included DBE Gurney Resources Bhd, Sino Hua-An International Bhd, MQ Techmology Bhd, Sumatec Resources Bhd, Mlabs Systems Bhd, Priceworth International Bhd and Compugates Holdings Bhd.

The gainers included Ajinomoto (M) Bhd, Panasonic Manufacturing Malaysia Bhd, PMB Technology Bhd, KESM Industries Bhd, Scientex Bhd, Pentamaster Corp Bhd, Malaysian Pacific Industries Bhd and Batu Kawan Bhd.

Asian stocks wobbled on Wednesday but still marked a 10-year high, cheered by record highs on Wall Street, while shares of Apple Inc’s suppliers dipped, following the release of the latest iPhone, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was slightly lower, after earlier poking up to its highest level since October 2007. Australian shares added 0.2%, while Korean shares were 0.1% higher, Reuters said.

Kenanga IB Research said Asian markets closed mostly higher, following strong overnight performance by the US market.

It said locally, the FBM KLCI extended its gains by 7.12pts or 0.4% to close at 1,789.86.

The research house said market-wide sentiment remains positive, as 488 gainers outpaced 395 decliners, while 383 counters traded unchanged.

“Yesterday’s move formed a white candlestick with a long body, as the index was dominated by the bulls since the opening bell.

“Now that most key momentum indicators are improving and in a positive state, we anticipate the price to be biased towards the upside.

“As the index has broken out from our previous resistance level of 1,789, we expect it to trend upwards to YTD high of 1,796 (R1) or if this is taken out decisively, it may race further up to 1,840 (R2),” Kenanga IB Research said.