KLCI down 0.2% in line with struggling region

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KUALA LUMPUR (April 9): The FBM KLCI fell 0.2% at the midday break today, tracking struggling regional markets.

At 12.30pm, the FBM KLCI fell 3.3 points to 1,641.05.

Losers led gainers by 306 to 260, while 537 counters traded unchanged. Volume was 2.1 billion shares valued at RM1.17 billion.

The losers included Fraser & Neave Holdings Bhd, Malaysia Airports Holdings Bhd, Apex Healthcare Bhd, Ajinomoto (M) Bhd, Maxis Bhd, Nestle (M) Bhd, United Plantations Bhd, Sam Engineering & Equipment (M) Bhd and Batu Kawan Bhd.

The actives included Sapura Energy Bhd, Priceworth International Bhd, Bumi Armada Bhd, Dayang Enterprise Holdings Bhd, Perdana Petroleum Bhd, KNM Group Bhd and George Kent (M) Bhd.

The gainers included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Can-One Bhd, Far East Holdings Bhd, George Kent, Tasek Corp Bhd and Amway (M) Holdings Bhd.

Asian shares struggled to make gains on Tuesday as investors braced for key events later in the week, including the start of the US earnings season and a crucial Brexit summit, while broader concerns about slowing global growth checked sentiment, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was basically flat after brushing its highest since late August last year during the previous session, it said.

CIMB Retail Research said the FBM KLCI Index was up by 2.5 points or 0.15% on Monday, driven by the gains in crude oil prices as well as optimism about the ongoing US-China trade talks, which are likely to end in the next few weeks.

The research house said the market seems to need more impetus to push up the index.

"Further sideways consolidation may take place in the near term. As long as the reversal signal triggered by the Homing Pigeon remains valid, we are on the lookout for a technical rebound towards the 1,657-1,665 levels.

"Meanwhile, we opine that oil & gas counters, such as Velesto Energy Bhd, may gain strong traction from the recent rally in oil prices. Resistance: 1,657 & 1,665. Support: 1,627 & 1,617," it said.