KLCI falls 0.5%, Tenaga and Maybank drag

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KUALA LUMPUR (Oct 23): The FBM KLCI fell 0.5% at mid-morning today tracking regional markets, dragged by losses including at Tenaga Nasional Bhd and Malayan Banking Bhd (Maybank).

At 10.05am, the KLCI fell 8.62 points to 1,713.31.

Losers led gainers by 318 to 136, while 258 counters traded unchanged. Volume was 462.76 million shares valued at RM297.77 million.

The decliners included Dutch Lady Milk Industries Bhd, Nestle (M) Bhd, Malaysian Pacific Industries Bhd, Tenaga, PPB Group Bhd, Fraser & Neave Holdings Bhd, Petronas Gas Bhd and Maybank.

The actives included Sapura Energy Bhd, Prestariang Bhd, Borneo Oil Bhd, Pesona Metro Holdings Bhd, Hibiscus Petroleum Bhd, My EG Services Bhd and K-One Technology Bhd.

The gainers included British American Tobacco (M) Bhd, Heineken Malaysia Bhd, Pos Malaysia Bhd, ViTrox Corp Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Asian shares edged lower on Tuesday as earnings season nerves in the US dented Wall Street, while a cocktail of negative factors from Saudi Arabia's diplomatic isolation to concerns over Italy's budget and Brexit talks depressed sentiment, according to Reuters.

That rolled back some of the previous session's strong rally led by China stimulus hopes, with the MSCI's broadest index of Asia-Pacific shares outside Japan dropping 0.4%. Japan's Nikkei fell 1.25%, it said.

Kenanga IB Research said Asian markets were mostly positive after hopes from China in boosting its economy gave confidence to investors.

It said bucking the trend, the local benchmark index fell 9.67 points (down 0.56%) to close at 1,722.47, led by losses from Axiata Group Bhd (down 5.93%).

"Technically, the outlook remains bearish following the emergence of an earlier 'head-and-shoulders' reversal chart pattern. Moreover, momentum indicators have yet to show any possible sign of a bullish run.

"From here, supports can be identified at 1,700 (S1) and 1,660 (S2).

"Should market sentiment becomes better, key levels of resistance to look at are 1,760 (R1) and 1,790 (R2)," it said.