KLCI dips 0.44%, stays barely above 1,800-level

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KUALA LUMPUR (Mar 20): The FBM KLCI fell 0.44% at the midday break on Friday and barely stayed above the 1,800-point level as regional markets stalled.

At 12.30pm, the FBM KLCI lost 8.03 points to 1,801.10.

The top losers included Kuala Lumpur Kepong Bhd, PPB Group Bhd, Batu Kawan Bhd, Hong Leong Capital Bhd, Hong leong Financial Group Bhd, Carlsberg Brewery (M) Bhd, RHB Capital Bhd, Public Bank Bhd, Parkson Group Holdings Bhd and Perak Corporation Bhd.

The actively traded stocks included Eti Tech Corporation Bhd, The Media Shoppe Bhd, Xinghe Holdings Bhd, Wintoni Group Bhd, Sumatec Resources Bhd, YFG Bhd and SYF Resources Bhd.

The gainers included Danainfra Nasional Bhd, British American Tobacco (M) Bhd, United Plantations Bhd, Allianz (M) Bhd, Pharmaniaga Holdings Bhd, Genting Plantations Bhd, Top Glove Corporation Bhd and Faber Group Bhd.

Asian stocks stalled on Friday as Federal Reserve-inspired gains petered out, while the dollar steadied after rebounding from the shock of a surprisingly dovish U.S. central bank, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed after rallying 1.3 percent the previous day. But it still looked set for a gain of around 2.4 percent for the week, it said.

Maybank IB vice president and head of retail research Lee Cheng Hooi in a note to clients on Friday said the FBM KLCI advanced 11.56 points to 1,809.13 yesterday, while the FBMEMAS and FBM100 also closed higher by 72.32 points and 71.28 points, respectively.

“We expect some nibbling at the supports of 1,790 to 1,809, whilst some liquidation activities may cap rebounds at the resistances of 1,815 and 1,831,” he said.