KLCI extends loss in line with weaker regional markets

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KUALA LUMPUR (Nov 2): The FBM KLCI extended its losses at mid-morning today in line with the weaker regional markets.

At 10.05am, the FBM KLCI fell 3.69 points to 1,662.02.

The top losers included British American Tobacco (M) Bhd, Petronas Gas Bhd, Kuala Lumpur Kepong Bhd, Hong Leong Bank Bhd, PPB Group Bhd, Petronas Dagangan Bhd, Asia File Corporation Bhd and Hong Leong Financial Group Bhd.

The actively traded stocks included Idimension Consolidated Bhd, XOX Bhd, RGB International Bhd, Kronologi Asia Bhd, Sanichi Technologies Bhd, AirAsia Bhd and PUC Founder Bhd.

The top gainers included Lay Hong Bhd, Pestech International Bhd, Gadang Holdings Bhd, LTKM Bhd, Luxchem Corporation Bhd and Triplc Bhd.

Asian stocks dipped early on Monday following lacklustre Chinese data out over the weekend, while the dollar remained on the defensive against the yen after the Bank of Japan's decision to hold policy steady favoured the Japanese currency, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.1 percent, while Australian shares dipped 0.5 percent, it said.

Hong Leong IB Research said that in the wake of resurgent volatility in the overseas markets amid surprised hawkish Oct FOMC statement and heightened concerns of decelerating signs of slowing China economy following the release of sluggish China manufacturing and services PMI on 1 Nov, KLCI will likely to engage in extended profit-taking consolidation, given the deteriorating technical daily and weekly oscillators.

“Meanwhile, resurgent rotational buying interests in speculative ACE and lower liners may witness continuous retail participations and maintain average daily volume around 1.8-2.0bn shares.  

“Key upside hurdles are 1675-1692 while supports fall on 1615-1642,” it said.