KLCI tracks regional decline

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KUALA LUMPUR (Jan 8): The FBM KLCI fell at the midday break today, tracking the decline at most regional markets.

At 12.30pm, the FBM KLCI shed 1.63 points to 1,677.54. The index had earlier risen to a high of 1,686.37.

Losers led gainers by 381 to 278, while 328 counters traded unchanged. Volume was 1.36 billion shares valued at RM824.34 million.

The top losers included Nestle (M) Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Top Glove Corp Bhd, Ajinomoto (M) Bhd, MISC Bhd, Time Dotcom Bhd, Petronas Gas Bhd, AMMB Holdings Bhd, Kim Loong Resources Bhd, Padini Holdings Bhd and Tenaga Nasional Bhd.

The actives included Gagasan Nadi Cergas Bhd, Bumi Armada Bhd, Sapura Energy Bhd, AirAsia X Bhd, Datasonic Group Bhd, Hubline Bhd, Permaju Industries Bhd and Tatt Giap Group Bhd.

The gainers included United Plantations Bhd, Malaysian Pacific Industries Bhd, Fraser & Neave Holdings Bhd, Bursa Malaysia Bhd, Petronas Dagangan Bhd, Batu Kawan Bhd, Allianz Malaysia Bhd and KESM Industries Bhd.

Most Southeast Asian markets declined on Tuesday as investors remain sceptical about a resolution to the long-drawn Sino-US trade war despite positive comments on the ongoing negotiations, according to Reuters.

US and Chinese officials resumed talks in Beijing, with US Commerce Secretary Wilbur Ross predicting on Monday that the world's largest economies would reach a trade deal that they could "live with", the newswire said.

Affin Hwang Capital Research said the FBM KLCI Index was expected to firm up this week, quick and minor retracements will emerge followed by steady rebounds.

"The index's immediate resistance of 1,700 (is) expected to be re-tested again this week with a target to move to 1,730-1,750 level in the near future.

"For the short term, equity market has technically turned bullish — Buy quality stocks on weakness.

"Anticipate FBM KLCI Index to test the short-term resistance in the near future," the research house said.