KLCI down 0.39% in line with regional markets

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KUALA LUMPUR (Oct 27): The FBM KLCI was down 0.39% at mid-morning in line with the pause with regional markets, weighed by select blue chips.

At 10.01am, the FBM KLCI fell 6.55 points to 1,700.24.

The top losers included United Plantations Bhd, DiGi.Com Bhd, Sarawak Oil Palms Bhd, Ibraco Bhd, Globetronics Technology Bhd, IJM Plantations Bhd, Petronas Dagangan Bhd, Ajiya Bhd and Genting Bhd.

The actives included iDimension Consolidated Bhd, RGB International Bhd, Instacom Group Bhd, China Automobile Parts Holdings Bhd, XOX Bhd and Berjaya Corporation Bhd.

The top gainers included Nestle (M) Bhd, Oriental Interest Bhd, DKSH (M) Holdings Bhd, British American Tobacco (M) Bhd, Hong Leong Bank Bhd, Hartalega Holdings Bhd and Kuala Lumpur Kepong Bhd.

Asian share markets paused for breath on Tuesday after a four-week romp higher, as investors took cover ahead of central bank meetings in the United States and Japan later in the week, according to Reuters.

Moves were modest with MSCI's broadest index of Asia-Pacific shares outside Japan off 0.07%. Japan's Nikkei dipped 0.1%, though remained near a two-month high, it said.

Hong Leong IB Research said it expects the FBM KLCI to continue to engage in consolidation with a downside bias amid weakening technical momentum and renewed selldown in crude oil prices coupled with volatility in the ringgit.

“Sentiment will remain muted ahead of 27–28 US FOMC meeting and expectations of another lackluster 3Q15 reporting season in November.

“Key upside hurdles are 1,729 (61.8% FR) and 1,740 (200-d SMA) while supports fall on 1,686–1,700,” it said.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)