KLCI falls 0.37% amid Brexit, China-US trade concerns

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KUALA LUMPUR (Dec 11): The FBM KLCI fell 6.1 points or 0.37% as China-US trade spat and Brexit concerns hit global investor sentiment. At Bursa Malaysia, the KLCI settled at 1,657.21 at 12:30pm.

Across Asia, Reuters reported that Chinese shares pulled ahead on Tuesday after Beijing confirmed it was still in trade talks with the United States, though sentiment remained fragile in Asia as the British pound wallowed near 20-month lows on deepening political turmoil over a Brexit deal.

In Malaysia, Hong Leong Investment Bank Bhd said today that from a technical viewpoint, the KLCI showed bearish indicators.

"The upside of FBM KLCI is likely to be capped near the 1,680 and could trend lower as it has violated the previous support at 1,680, while the MACD (moving average convergence divergence) indicator has issued a bearish crossover below zero," Hong Leong wrote in a note.

Across Bursa Malaysia, share-trade volume was 744.73 million units valued at RM663.86 million. Top decliners included British American Tobacco (M) Bhd and Petronas Dagangan Bhd.