KLCI extends consolidation, down 1.57%

-A +A

KUALA LUMPUR (Sept 23): The FBM KLCI extended its consolidation at mid-morning today and fell 1.57% ahead of the Hari Raya Haji holiday tomorrow, in line with the slump at most regional markets.

At 10am, the FBM KLCI lost 25.32 points to 1,610.05, dragged by losses including at index-linked banking stocks.

The top losers included British American Tobacco (M) Bhd, Public Bank Bhd, Kuala Lumpur Kepong Bhd, Sime Darby Bhd, Genting Bhd, Hong Leong Bank Bhd, Petronas Gas Bhd, Lay Hong Bhd, DiGi.Com Bhd, Malayan Banking Bhd, CIMB Group Holdings Bhd, IJM Corporation Bhd and Axiata Group Bhd.

The actively traded stocks included UEM Sunrise Bhd, AirAsia Bhd, IFCA MSC Bhd, Iris Corporation Bhd, APFT Bhd, Aemulus Holdings Bdh and AirAsia X Bhd.

The top gainers included Amway (M) Holdings Bhd, KESM Industries Bhd, Top Glove Corporation Bhd, UEM Sunrise and Jaycorp Bhd.

Asian stocks fell on Wednesday as global growth worries stung Wall Street, sending investors scampering to the relative safety of the yen and government debt, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3 percent, with Australia down 1.3 percent and South Korea falling 0.8 percent. Japanese markets are shut through Wednesday, it said.

Hong Leong IB Research said that ahead of the Hari Raya Haji public holiday tomorrow and following a three consecutive loss of 46.2 points, the FBM KLCI is likely to resume its consolidation in the near term, given nagging external and internal concerns.

“Key support is 1624 while resistance falls on 1652 levels,” it said.