KLCI falls 0.30% to stay below 1,690, Tenaga drags

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KUALA LUMPUR (Dec 6): The FBM KLCI fell 0.30% at mid-morning today, tracking the retreat at regional markets, dragged by select blue chips including index heavyweight Tenaga Nasional Bhd.

At 10.05am, the FBM KLCI fell 5.08 points to 1,683.19.

Losers led gainers by 316 to 157, while 222 counters traded unchanged. Volume was 601.45 million shares valued at RM312.87 million.

The decliners included British American Tobacco (M) Bhd, Nestle (M) Bhd, QL Resources Bhd, Ajinomoto (M) Bhd, Hartalega Holdings Bhd, Tenaga Nasional, Malaysia Airports Holdings Bhd, Dutch Lady Milk Industries Bhd and Padini Holdings Bhd.

U.S. stock futures tumbled on Thursday and Asian markets followed after Canadian authorities arrested a top executive of Chinese tech giant Huawei Technologies, fanning fears of further tensions between China and the United States, according to Reuters.

S&P500 e-mini futures fell almost 2 percent at one point in thin Asian morning trade and were last were down 0.7 percent, it said.

Kenanga IB Research said Asian stocks fell on Wednesday, tracking a brutal session on Wall Street, but optimism over the trade front after comments from the Chinese government helped stem the losses.

It said on the local front, the FBM KLCI dropped 6.72 points (-0.40%) to close at 1,688.27.

“The technical outlook remains bearish as the index is still hovering below the key SMAs.

“From here, immediate support levels to watch out for are 1,670 (S1) and 1,650 (S2) where a break below would complete the potential descending triangle pattern.

“Should the market sentiment improve, key levels of resistance to look for are at 1,740 (R1) and 1,760 (R2),” it said.