KLCI drifts lower as select blue chips weigh

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KUALA LUMPUR (March 13): The FBM KLCI drifted lower in early trade this morning, weighed by losses at select index-linked blue chips.

At 9.05am, the FBM KLCI shed 0.44 points to 1,670.84.

The decliners included KESM Industries Bhd, Petronas Dagangan Bhd, Hong Leong Financial Group Bhd, ViTrox Corp Bhd, Petronas Gas Bhd, UMW Holdings Bhd, Malaysia Airports Holdings Bhd, Aturmaju Resources Bhd and Suria Capital Bhd.

Asian share markets got off to a subdued start on Wednesday after a mixed finish on Wall Street, while a frazzled pound awaited its fate ahead of yet another make-or-break parliamentary vote on Brexit, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 percent in slow trade. Japan's Nikkei dipped 0.3 percent and Australia's main index slipped 0.4 percent, it said.

Kenanga IB Research said Asian share markets rallied yesterday following Wall Street’s gain while investors were also optimistic after the European Commission agreed to changes in a Brexit deal.

It said back home, the FBMKLCI gained 6.65 points (+0.40%) to close at 1,671.28 

“Despite the gains made, overall technical outlook still appears lacklustre as key momentum indicators are bearish.

“The index may trend lower to its support level at 1,650 (S1) and even 1,630 (S2). Conversely, immediate resistances can be found at 1,700 (R1) and 1,730 (R2),” it said.