KLCI dips as market undertone turns negative

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KUALA LUMPUR (March 6): The FBM KLCI dipped at mid-morning on Friday as the local market undertone turned increasingly negative in the absence of fresh leads.

At 10.01am, the FBM KLCI fell 2.42 points to 1,803.67.

The top losers included Petronas Gas Bhd, Kuala Lumpur Kepong Bhd, LPI Capital Bhd, Malaysian Pacific Industries Bhd, UMW Holdings Bhd, PPB Group Bhd, Dayang Enterprise Holdings Bhd, C.I.Holdings Bhd, Media Prima Bhd and KPJ Healthcare Bhd.

The top actives included Ingenuity Consolidated Bhd, Eti Tech Corporation Bhd. Cybertowers Bhd, SapuraKencana Petroleum Bhd, Privasia Technology Bhd, Dagang Nexchange Bhd, KNM Group Bhd, Perisai Petroleum Teknologi Bhd and Sumatec Resources Bhd.

The gainers  included British American Tobacco (M) Bhd, United Plantations Bhd, Guiness Anchor Bhd, Pestech International Bhd, Carlsberg Brewery (M) Bhd, Lafarge Malaysia Bhd, Warisan TC Bhd, Only World Group Holdings Bhd and Syarikat Takaful Malaysia Bhd.

The dollar was in high demand in Asia on Friday as bulls wagered a looming U.S. jobs report would add to the chance of rate hikes there, even as the European Central Bank embarks on a trillion euro campaign of bond-buying, according to Reuters.

The same balance of risks kept equity investors cautious with MSCI's broadest index of Asia-Pacific shares outside Japan down a tiny 0.02 percent.

Australia's main index was all but flat, while Nikkei futures pointed to a slight opening gain, said Reuters.

Hong Leong IB Research said the market undertone was turning increasingly negative following yesterday’s slump.

“Key supports now are 1784-1795 whilst resistance remains at 1829 (200-day simple moving average),” it said.