KLCI dips 0.14% as Public Bank, Genting-linked stocks drag

KLCI dips 0.14% as Public Bank, Genting-linked stocks drag
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KUALA LUMPUR (April 4): The FBM KLCI took a breather this morning, tracking the pause at regional markets, dragged by losses including at Public Bank Bjhd and Genting Bhd-linked stocks.

At 9.05am, the FBM KLCI dipped 2.23 points to 1,640.98.

The top losers in early trade included PPB Group Bhd, Genting, Public Bank, Hap Seng Consolidated Bhd, Petronas Gas Bhd, KESM Industries Bhd, MISC Bhd, Petron Malaysia Refining & Marketing Bhd, Rhone Ma Holdings Bhd and Genting Malaysia Bhd.

Asian shares paused near an eight-month peak on Thursday as investors awaited developments on trade talks between the United States and China, who appear closer to signing a deal, nudging bond yields higher globally and softening the safe-haven yen, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan took a breather after five straight days of gains took it to its highest since late August, it said.

Kenanga IB Research said Asian markets ended higher as investors grew more optimistic following a report that US and China are closer to reaching a trade agreement.

It said that similarly, the FBM KLCI gained 10.38 points or 0.64% to close at 1,643.21.

“The overall outlook of the index remains bearish as its 20-and-50 day SMAs crossed below its 100-day SMA.

“However, we believe there is a possibility of a short technical rebound happening, as RSI seems to be bouncing off from oversold territory.

“We look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, support levels can be identified at 1,625 (S1) and 1,615 (S2),” it said.