KLCI’s gains capped as regional markets stay weak

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KUALA LUMPUR (Oct 3):The FBM KLCI remained in positive territory at the midday break on Friday, but gains we capped in line with the weaker sentiment at regional markets.

At 12.30pm, the FBM KLCI rose 3.75 points to 1,841.43.

Decliners overtook advancers by 341 to 332, while 327 counters traded unchanged. Volume was 883.79 million shares valued at RM594.89 million.

The top gainers included BAT, ML Global, Dana Infra, HLFG, Bintulu Port, Petronas Gas, MISC, My E.G., United Plantations, Bursa Malaysia, Scientex and Tenaga.

DGB was the most actively traded counter with 53.12 million shares done. The stock rose 6,45% or one sen to 16.5 sen.

The other actives included Takaso, Asia Bio, Nexgram, MUI Industries, Sanichi, Berjaya Corp, PDZ and Sumatec.

Teh top losers included Tahps, Allianz, Narra, Takaful, Yinson, Country View, Atlan, Kotra, Petra Energy and KLK.

Regionally, Asian stocks were poised for their fourth-straight weekly fall on Friday, with the regional index drifting in an aimless morning session as the civil unrest in Hong Kong and caution ahead of a closely-watched U.S. jobs report kept investors on edge, according to Reuters.

Already disappointed by the European Central Bank, which gave no new hints of an imminent sovereign bond buying program, markets were further underwhelmed by a survey showing growth in China's services sector eased last month, it said.

BIMB Securities Research said that losses in Europe were steep on Thursday, with the FTSEurofirst 300 index FTEU3 falling 2.4%.

Meanwhile, stocks in Southeast Asia were not spared as it ended down, in line with Asian peers after a slew of weak global manufacturing data, it said.

“Locally, the FBM KLCI was down 7.64 points to 1,837.68 as the FBM KLCI continued to lose ground on foreign fund selling as key regional markets fell following the sharp overnight fall on Wall Street.

“We expect market to be lackluster today with immediate resistance 1841.84 at and support at 1833.53,” it said.