KLCI falls 0.31% as regional markets barely budge

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KUALA LUMPUR (Nov 23): The FBM KLCI fell 0.31% at mid-morning today against the backdrop of flat regional markets.

At 10am, the FBM KLCI fell 5.31 points to 1,690.31.

Losers led gainers by 341 to 120, while 226 counters traded unchanged. Volume was 391.93 million shares valued at RM200.59 million.

The top losers included KESM Industries Bhd, Fraser & Neave Holdings Bhd, Nestle (M) Bhd, Panasonic Manufacturing Malaysia Bhd, Lii Hen Industries Bhd, MISC Bhd, Dufu Technology Corp Bhd, Hengyuan Refining Company Bhd and Pentamaster Corp Bhd.

The actives included Sanichi Technology Bhd, Permaju Industries Bhd, Sumatec Resources Bhd, Muda Holdings Bhd, Sapura Energy Bhd, Hibiscus Petroleum Bhd and Perdana Petroleum Bhd.

The gainers included Allianz Malaysia Bhd, Muda Holdings Bhd, Petronas Dagangan Bhd, MBM Resources Bhd, Fima Corp Bhd, UMW Holdings Bhd, BIMB Holdings Bhd and Ranhill Holdings Bhd.

Asian shares barely budged in early Friday trade as investors were reluctant to make any big bets in the face of trade tensions, signs of slowing earnings and Brexit negotiations, according to Reuters.

A draft deal between Britain and the European Union on future relations offered some hope for battered markets, though more evidence of pressure on corporate earnings in Europe kept equity investors sidelined, the newswire said.

Hong Leong IB Research in a traders' brief said without any significant development on the trade development, the volatility could remain over the near term and investors will be focusing on the upcoming G20 summit to get more clues on the trade discussions, while the outcomes of the Federal Open Market Committee and OPEC meetings will be monitored closely as it will be affecting markets' trading tone moving forward.

"Meanwhile, sales figures during the US Black Friday will be closely watched, as it is known as the start to the US holiday shopping season, to gauge the resilience of the US economy.

"We expect the KLCI to engage in range-bound consolidation in the near term in the wake of external headwinds and internal clouds surrounding the ongoing Bursa Malaysia 3Q18 results season and slowing Malaysian economy, compounded by weak crude oil and FCPO (crude palm oil futures) prices.

"Major supports are at 1,657-1,670, whilst formidable resistances are near 1,709 (30D SMA) to 1,726 (1M high)," the research house said.