KLCI claws into positive zone at noon break

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KUALA LUMPUR (March 16): The FBM KLCI clawed back into the positive zone at the midday break on Monday while regional markets stayed tentative.

At 12.30pm, the FBM KLCI was up 2.52 points to 1,784.27. The index had earlier slipped to its intra-morning low of 1,774.30.

However, market breadth was weaker with 412 losers and 255 gainers, while 277 counters traded unchanged. Volume was 1.38 billion shares valued at RM733.08 million.

The top gainers included British American Tobacco (M) Bhd, Malaysian Pacific Industries Bhd, Fututec Bhd, Danainfra Nasional Bhd, RHB Capital Bhd, Panasonic Malaysia Manufacturing Bhd, MISC Bhd, Tasco Bhd, Petronas Dagangan Bhd, United Plantations Bhd and Genting Plantations Bhd.

The actively traded stocks included Sumatec Resources Bhd, Eti Tech Corporation Bhd, Nexgram Holdings Bhd, Wintoni Group Bhd, Genetec Technology Bhd, Privasia Technology Bhd, KNM Group Bhd and Hubline Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Favelle Favco Bhd, LPI Capital Bhd, Parkson Group Holdings Bhd, LTKM Bhd, Faber Group Bhd, Kuala Lumpur Kepong Bhd, Batu Kawan Bhd and Cahya Mata Sarawak Bhd.

Asian shares began the week on the back foot on Monday after a downbeat session on Wall Street, while the euro skidded to a fresh 12-year low on divergent monetary policy paths between the United States and the euro zone.

Oil continued to tumble, with U.S. crude dropping more than 2 percent to a six-year low, after the International Energy Agency said on Friday that the global supply glut is growing and U.S. production shows no sign of slowing.

Maybank IB head of retail research and chief chartist Lee Cheng Hooi in a note to clients Monday said the FBM KLCI lost 25.21 points week-on-week last Friday to close at 1,781.75, as some persistent liquidation activities were obvious throughout the week.

“Liquidate positions at the resistance areas of 1,781 to 1,831. The support levels of 1,706 and 1,770 will be weaker. For this current market phase, selling activities will exceed any local nibbling activities,” he said.