KLCI dips 0.23% as regional markets struggle

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KUALA LUMPUR (Dec 7): The FBM KLCI dipped 0.23% at midday break today, in line with struggling regional markets, and looked poised to extend its losses for a fourth day in the running.

At 12.30pm, the FBM KLCI dipped 3.90 points to 1,679.44.

Losers led gainers by 350 to 252, while 1,267 counters traded unchanged. Volume was 1.08 billion shares, valued at RM635.80 million.

Decliners included Nestle (M) Bhd, United Plantations Bhd, Time Dotcom Bhd, Apollo Food Holdings Bhd, Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, Hong Leong Industries Bhd, Tenaga Nasional Bhd, Padini Holdings Bhd, Batu Kawan Bhd, Hengyuan Refining Company Bhd and ABM Fujiya Bhd.

The actives included Bumi Armada Bhd, My EG Services Bhd, Sapura Energy Bhd, Yong Tai Bhd, Hubline Bhd, Sanichi Technology Bhd, Prestariang Bhd, Perak Transit Bhd and AirAsia X Bhd.

Gainers included Petron Malaysia Refining & Marketing Bhd, KESM Industries Bhd, Malaysia Airports Holdings Bhd, Allianz Malaysia Bhd, Malaysian Pacific Industries Bhd, AMMB Holdings Bhd and Bursa Malaysia Bhd.

Asian shares fought to sustain the slimmest of recoveries on Friday, amid speculation the Federal Reserve might be "one-and-done" with U.S. rate hikes, while oil fell anew as producers bickered over the details of an output cut, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.4%, though that followed a 1.8% drubbing on Thursday, it said.

Kenanga IB Research said Asian stocks plunged on Thursday, weighed by technology firms after the arrest of Huawei top executive that could derail progress of China-U.S. trade talks.

On the local front, it said the FBM KLCI dropped 4.93 points (-0.29%) to close at 1,688.34.

“The technical outlook remains bearish as the index is still hovering below the key SMAs, which currently is in “Golden Cross” state.

“From here, immediate support levels to watch out for are 1,670 (S1) and 1,650 (S2), where a break below would complete what is now a potential descending triangle.

“Should the market sentiment improve from here, key levels of resistance to look for are at 1,740 (R1) and 1,760 (R2),” the research house added.