KLCI down 0.46% in line with negative regional sentiment

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KUALA LUMPUR (Dec 3): The FBM KLCI was down 0.46% at mid-morning today, as market sentiment turned negative in line with regional bourses rattled by US President Donald Trump's tariffs against Latin American nations.

At 10am, the FBM KLCI was down 7.2 points to 1,563.25.

Losers led gainers by 345 to 180, while 266 counters traded unchanged. Volume was 494.27 million shares valued at RM263.08 million.

The top losers included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, Carlsberg Brewery Malaysia Bhd, Fraser & Neave Holdings Bhd, Petronas Gas Bhd and Petronas Chemicals Group Bhd.

The actives included Khee San Bhd, Solarvest Holdings Bhd, JAKS Resources Bhd, FoundPac Group Bhd, Yong Tai Bhd and MTAG Group Bhd.

The gainers included Vstecs Bhd, Petron Malaysia Refining & Marketing Bhd, UMS-Neiken Group Bhd, Latitude Tree Holdings Bhd, IGB Bhd and Ornapaper Bhd.

Asian shares skidded on Tuesday after Trump stunned markets with tariffs against Brazil and Argentina, recharging fears about global trade tensions, while weak US factory data added to the investor gloom, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.45% in early trade, with Australian shares dropping nearly 2%, on track for their worst day in two months. Japan's Nikkei shed 1.1%, it said.

Kenanga IB Research said Asian stocks closed on a higher note yesterday, as China's official manufacturing PMI displayed stronger growth.

It said back home, the FBM KLCI increased by 8.81 points (+0.56%) to close at 1,570.55.

"Chart-wise, the index has broken below all the key SMAs (simple moving averages) coupled with bearish signal from MACD (moving average convergence divergence).

"However, the stochastic is at oversold level, hence we do not discount the possibility of rebounding in near future.

"From here on, overhead resistance can be seen at 1,630 (R1) and 1,650 (R2). Conversely, key support levels can be found at 1,550 (R1) and 1,540 (R2)," it said.