KLCI falls 0.49% in line with lacklustre regional markets

KLCI falls 0.49% in line with lacklustre regional markets
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KUALA LUMPUR (Oct 9): The FBM KLCI fell 0.49% at mid-morning today, tracking lacklustre regional markets.

At 10am, the FBM KLCI lost 7.73 points to 1,551.06.

Losers led gainers by 298 to 151, while 282 counters traded unchanged. Volume was 425.98 million shares valued at RM230.59 million.

The losers included Carlsberg Brewery Malaysia Bhd, Dutch Lady Milk Industries Bhd, Panasonic Manufacturing Malaysia Bhd, KESM Industries Bhd, Malaysia Airports Holdings Bhd, Tenaga Nasional Bhd, British American Tobacco (M) Bhd, Petronas Dagangan Bhd and Syarikat Takaful Malaysia Keluarga Bhd.

The actives included Ekovest Bhd, Bumi Armada Bhd, Sumatec Resources Bhd, SDS Group Bhd, Iskandar Waterfront City Bhd, JAKS Resources Bhd and Komarkcorp Bhd.

The gainers included Allianz Malaysia Bhd, United Plantations Bhd, MISC Bhd, Bintulu Port Holdings Bhd, Westports Holdings Bhd and SAM Engineering & Equipment (M) Bhd.

Asian stocks fell the most in a week on Wednesday as the United States and China's ever-expanding dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3%. Japan's Nikkei slid 0.81%. Australian shares were down 0.92%, it said.

Kenanga IB Research said Asian stocks ended the day mostly higher yesterday as investors remain hopeful of progress in the US-China trade talks later this week.

However, it said the FBM KLCI closed marginally lower by 0.21 points (-0.01%) to end at 1,558.79.

"Chart-wise, underlying trend remains bearish as the index is trading below all the key SMAs (simple moving averages) coupled.

"However, given the steep decline last week and new oversold levels in RSI (relative strength index), we do not discount the possibility of a rebound rally.

"Key support levels to watch out for are 1,550 (S1) and 1,510 (S2). Conversely, overhead resistance levels can be found at 1,630 (R1) and 1,650 (R2)," it said.