KUALA LUMPUR (June 17): The FBM KLCI was up 0.25% at the midday break today, lifted by select blue chips, but the broader market sentiment stayed negative.
At 12.30pm, the FBM KLCI was up 4.03 points to 1,642.66. The index had earlier slipped to a low of 1,637.46.
Market breadth remained negative with losers outpacing gainers by 300 to 193, while 473 counters traded unchanged. Volume was 928.19 million shares valued at RM547.51 million.
Most of the indices on Bursa Malaysia remained in red.
The gainers included Nestle (M) Bhd, Tenaga Nasional Bhd, Carlsberg Brewery Malaysia Bhd, Manulife Holdings Bhd, Genting Plantations Bhd, Petronas Gas Bhd, Sarawak Consolidated Industries Bhd, Chin Well Holdings Bhd and Toyo Ink Group Bhd.
The actives included Malaysia-listed Hang Seng Index-linked put warrants, Greatech Technology Bhd, Ekovest Bhd, Lambo Group Bhd, Bumi Armada Bhd and My EG Services Bhd.
The decliners included Fraser & Neave Holdings Bhd, PPB Group Bhd, Hong Leong Financial Group Bhd, Heineken Malaysia Bhd, Tasek Corp Bhd, Lafarge Malaysia Bhd and Kuala Lumpur Kepong Bhd.
Asian stocks inched higher on Monday, with a rebound in the Hong Kong market helping the mood, as investors remained cautious ahead of a closely-watched Federal Reserve meeting, according to Reuters.
But the simmering trade dispute between the United States and China as well as political tensions in the Middle East kept risk-appetite in check, it said.
CIMB Retail Research said the FBM KLCI closed another 5.11 points or 0.31% lower on Friday.
It said week-on-week, the benchmark lost 10.7 points or 0.65%.
"The FOMC (Federal Open Market Committee) meeting this week is likely to keep the global markets on their toes.
"Chart-wise, the index is still trading above its 50-day EMA (exponential moving average). The consolidation from the 1,657 high is likely to continue in early week given the weakening indicators.
"If the index can hold above 1,617, then we may see the index push higher to test the high of 1,657 again. The near-term outlook may turn bearish again if the index falls below the 1,617 levels. Resistance: 1,657 & 1,670. Support: 1,633 & 1,628," it said.