KLCI dips as lack of catalysts keep investors at bay

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KUALA LUMPUR (Oct 28): The FBM KLCI remained in negative territory at the midday break on Tuesday as lack of fresh catalysts hampered investor sentiment at the local market.

At 12.30pm, the FBM KLCI shed 1.80 points to 1,821.35. It had earlier fallen to its intra morning low of 1,819.37.

The top losers included Allianz, Warisan, Batu Kawan, BAT, SapuraKencana, MAHB, Panasonic, MPI, Globetronics, Genting Plantations and Tasek.

The actives included Sona Petroleum, IFCA MSC. DGB, Sumatec, PDZ, Datasonic and Ni Hsin.

The gainers included KLK, Petronas Dagangan, Dutch Lady, PPB, Chin Teck, Aeon Credit, Press Metal, My E.G. and HLFG.

Regionally, Asian shares were modestly higher while the dollar held steady on Tuesday, as investors awaited the outcome of the U.S. Federal Reserve's two-day meeting that begins later in the session for clues to the direction of U.S. interest rates, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan shrugged off early losses and a lacklustre performance on Wall Street to rise about 0.3 percent, it said.

BIMB Securities Research said that in Asia, key indices ended mostly higher on Monday following sharp gains in Wall Street while Nikkei extended its gain on weaker yen.

It said the local market ended higher as well where the FBM KLCI added 0.24% to 1,823.15 with strong buying on plantation and telco counters.

“Trading participation saw net buying from local institutions and retails while foreign institutions were net sellers.

“We expect the local market to remain sideways due to lack of fresh catalysts with immediate resistance at 1,825/30 while support at 1,820/15,” it said.