KLCI dips in line with cautious regional markets

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KUALA LUMPUR (Nov 18): The FBM KLCI dipped at mid-morning today in line with the cautious sentiment at most regional markets.

At 10.01am, the FBM KLCI fell 1.51 points to 1,660.02.

The top losers included Top Glove Corporation Bhd, Daibochi Plastic & Packaging Industry Bhd, LPI Capital Bhd, Boustead Heavy Industries Corporation Bhd, Public Bank Bhd, QL Resources Bhd, Hong Leong Industries Bhd, Scientex Bhd and Tenaga Nasional Bhd.

The actives included Idimension Consolidated Bhd, Instacom Group Bhd, EA Holdings Bdh, Hibiscus Petroleum Bhd, JAG Bhd, Genetec Technology Bhd, Sanichi Technology Bhd, XOX Bhd and Tiger Synergy Bhd.

The gainers included Dutch Lady Milk Industries Bhd, P.I.E. Industrial Bhd, Malaysian Pacific Industries Bhd, Focus Lumber Bhd, British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Pestech International Bhd and Hong Leong Financial Group Bhd.

Asian share markets were cautious on Wednesday as another bomb scare in Europe days after the deadly Paris attacks left investors in a contemplative mood, giving a boost to safe-haven U.S. bonds and the dollar, according to Reuters.

The greenback held firm at seven-month highs against a basket of currencies as U.S. economic data also backed up the case for December interest rate hike, it said.

Hong Leong IB Research reiterated its view that unless a decisive breakout above 1674, the FBM KLCI is likely to engage in short term range bound consolidation with key interim support near 1642 (38.2% FR) and immediate resistance at 1674 territory.

“A breakout above 1674 will spur KLCI towards 1687 (30-d SMA) and 1700 psychological barrier while a breakdown below 1642 will see index lower towards 1600-1615 zones,” it said.