KLCI extends loss in line with regional gloom

KLCI extends loss in line with regional gloom

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KUALA LUMPUR (Feb 3): The FBM KLCI extended its losses at mid-morning today in line with the sagging regional markets spooked by weak crude oil prices and gloomy global economic outlook.

At 10am, the FBM KLCI lost 17.97 points to 1,635.21.

The top losers included Shell Refining Company (Federation of Malaya) Bhd, British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Hong Leong Bank Bhd, United Plantations Bhd, Tenaga Nasional Bhd, UMW Holdings Bhd, Sime Darby Bhd and SAM Engineering & Equipment Bhd.

The actively traded stocks included EKA Noodles Bhd, CLIQ Energy Bhd, AirAsia X Bhd, Borneo Oil Bhd and SapuraKencana Petroleum Bhd.

The gainers included Danainfra Nasional Bhd, Hong Leong Industries Bhd, Fraser & Neave Holdings Bhd, Lay Hong Bhd, Top Glove Corporation Bhd and Kossan Rubber Industries Bhd.

Asian shares sagged on Wednesday as oil prices sank again due to fading hopes of a deal to curb a global supply glut, prompting investor to seek shelter in safe-haven assets and lifting bonds and gold to multi-month highs, according to Reuters.

Australian shares fell 1.4 percent in early trade, pushing down the MSCI's broadest index of Asia-Pacific shares outside Japan 0.5 percent, it said.

Hong Leong IB Research said that on the back of overnight slump in Dow and oil prices, the FBM KLCI may continue to face selling pressures today as investors are expected to lighten up positions ahead of the Chinese New Year holidays.

“Key supports are 1622-1642 while resistances remain at 1674-1696,” it said.