KLCI down 0.7%, plantations weigh

-A +A

KUALA LUMPUR (Nov 30): The FBM KLCI lost 0.7% at mid-morning today in line with the edgy regional markets, weighed by index-linked plantation stocks.

At 10am, the FBM KLCI fell 11.77 points to 1,670.82.

The top losers included Batu Kawan Bhd, Tenaga Nasional Bhd, Hong Leong Bank Bhd, PPB Group Bhd, Petronas Dagangan Bhd, Kobay Bhd, Telekom Malaysia Bhd, Latitude Tree Holdings Bhd, Genting Plantations Bhd, IHH Healthcare Bhd and Asia File Corporation Bhd.

The actives included Instracom Group Bhd, XOX Bhd, EA Holdings Bhd, Xinghe Holdings Bhd, Wintoni Group Bhd, JAG Bhd, Kim Teck Cheong Consolidated Bhd and China Stationery Ltd Bhd.

The gainers included Panasonic Malaysia Manufacturing Bhd, DanaInfra Nasional Bhd, Pestech International Bhd, Kuala Lumpur Kepong Bhd, Lay Hong Bhd, Ajinomoto (M) Bhd, Lafarge Malaysia Bhd and Scientex Bhd.

Asian shares were on edge on Monday after a sharp fall in Chinese markets in the previous session, while the euro hovered near a seven-month high as the currency braced for the European Central Bank (ECB)'s monetary easing later this week, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3% as South Korean stocks fell 0.9%, it said.

Hong Leong IB Research said this week, Bursa Malaysia is expected to mirror the two-tier markets last week with the FBMSCAP and FBMACE stocks to continue to lock in consolidation.

However, the FBM KLCI may continue to inch higher this week, supported by year-end window dressing activities, more comfortable view on Fed’s potential liftoff in December and potential ECB’s stimulus in Dececember.

“Weekly resistances are 1,694 (upper Bollinger band) and 1,700 psychological barrier while supports fall on 1,672 (50-d SMA) and 1,664 (100-d SMA),” 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.)