KLCI dips 0.51%, select blue chips weigh

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KUALA LUMPUR (May 6): The FBM KLCI looked set to end the week on a weaker note in line with the regional markets.

At 10.01am, the FBM KLCI fell 0.51% or 8.41 points to 1,636.68.

The top losers included British American Tobacco (M) Bhd, Petronas Gas Bhd, PPB Group Bhd, Lay Hong Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd, Petronas Chemicals Group Bhd, Kuala Lumpur Kepong Bhd and Genting Bhd.

The actives included Vivocom International Holdings Bhd, EKA Noodles Bhd, Spring Gallery Bhd, Kanger International Bhd, Bioalpha Holdings Bhd, Sumatec Resources Bhd and AirAsia X Bhd.

The gainers included Scientex Bhd, Fraser & Neave Holdings Bhd, LPI Capital Bhd, Panasonic Malaysia Manufacturing Bhd, MKH Bhd, Bursa Malaysia Bhd and Cayha Mata Sarawak Bhd.

Asian shares wallowed near three-week lows as investors braced for the U.S. payrolls report after other jobs-related data raised some doubts about the seemingly rosy picture on employment conditions in the world's no. 1 economy, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 percent, flirting with its lowest level since mid-April. Japan's Nikkei was down 0.3 percent as markets there resumed trading since closing for holidays on Tuesday, it said.

Hong Leong IB Research said the overall trend of of the FBM KLCI is still heading down south despite expectation of a mild technical rebound as substantiated by a Reversal Bullish Harami candlestick pattern.

“Therefore, we expect the local benchmark index to position itself in rangebound tendency today ahead of the upcoming 11th Sarawak state elections.

“Technically speaking, we are of the view that the trend of the FBM KLCI remains under pressure as the current downtrend is deemed to persist until very convincing reversal signals emerge.

“The overall sentiment is expected to stay weak, in tandem with depreciation of Ringgit against US dollar,” it said.