KLCI dips 0.47%, select blue chips weigh

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KUALA LUMPUR (Dec 21): The FBM KLCI dipped 0.47% at mid-morning today, weighed by select blue chips, in line with the weaker start at regional markets.

At 10am, the FBM KLCI fell 7.72 points to 1,636.18.

The top losers included British American Tobacco (M) Bhd, DanaInfra Nasional Bhd, Dutch Lady Milk Industries Bhd, Ajinomoto (M) Bhd, Warisan TC Holdings Bhd, DKSH (M) Holdings Bhd, Malaysia Airports Holdings Bhd, Guinness Anchor Bhd, Fraser & Neave Holdings Bhd and Sime Darby Bhd.

The actives included Comintel Corporation Bhd, RGB International Bhd, Instacom Group Bhd, Borneo Oil Bhd, Asia Media Bhd and XOX Bhd.

The top gainers included Top Glove Corporation Bhd, Kossan Rubber Industries Bhd, Allianz (M) Bhd, Time Dotcom Bhd, Only World Group Holdings Bhd, Supermax Corporation Bhd, Comintel, Teck Guan Perdana Bhd and Bursa Malaysia Bhd.

Asian share markets got off to a lacklustre start on Monday following a dive on Wall Street, though losses were limited by a general lack of investor interest in a holiday-heavy week, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat, while Australia's main index eased 0.2%, it said.

Hong Leong IB Research said although the FBM KLCI may witness near-term weakness this week amid post-Federal Reserve lift-off selldown, sliding oil prices and long holidays, it was of the view that investors should buy on dips near key support zones of 1,600 to 1,622 as further material fall will be well-cushioned by the seasonal year-end window dressing, ValueCap factor, potential further monetary easing from the People's Bank of China, recovery in the ringgit and ongoing positive progresses of 1Malaysia Development Bhd scandal.

"Key upside targets are 1,663 (30-d SMA), 1,676 (50-d SMA) and 1,700 psychological barrier," it said.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)