KLCI falls 0.55% as Asian stocks slide

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KUALA LUMPUR (Dec 5): The FBM KLCI fell 0.55% at midday break today, in line with the slide at regional markets.

At 12.30pm, the FBM KLCI lost 9.26 points to 1,685.73.

Losers outpaced gainers by 497 to 181, while 1,191 counters traded unchanged. Volume was 1.06 billion shares, valued at RM675.55 million.

Top losers included Tenaga Nasional Bhd, Fraser & Neave Holdings Bhd, QL Resources Bhd, Heineken Malaysia Bhd, Cahya Mata Sarawak Bhd, Aeon Credit Service (M) Bhd, Malaysian Pacific Industries Bhd, UMW Holdings Bhd, Maxis Bhd and Hong Leon Industries Bhd.

The actives included Bumi Armada Bhd, Techbond Group Bhd, Sanichi Technology Bhd, Hibiscus Petroleum Bhd, Tatt Giap Group Bhd, AirAsia X Bhd, Permaju Industries Bhd and Hubline Bhd.

The gainers included Bintulu Port Holdings Bhd, Techbond, Carlsberg Brewery Malaysia Bhd, Petronas Gas Bhd, United Plantations Bhd, MSM Malaysia Holdings Bhd and Malaysia listed  Hang Seng Index-linked put warrants,

Asian stocks slid on Wednesday, dragged down by Wall Street's tumble as sharp declines in long-term U.S. Treasury yields and resurgent trade concerns stoked investor worries about global economic growth, according to Reuters.

Global equities have been shaken as a flattening U.S. Treasury yield curve fans worries about a recession, and on growing doubts that Washington and Beijing will be able to clinch a substantive trade deal during a temporary cease-fire agreed at the weekend, Reuters said.

Affin Hwang Capital Research said the FBM KLCI Index fell about 9 points before clawing back some losses on the second half of the session, closing down 4.73 points at 1694.99.

It said buying momentum failed to be sustained as any rebound in prices are quickly snuffed out by selling pressure the following day.

The research house said the lack of confidence amongst local investors and the unstable US market may be some reasons why our index continue to remain sluggish.

“On a more positive note, technical indicators are quite over-extended on the downside, which may attract buyers into the picture as [the] downside [is] perceived to be quite limited.

“Anticipate the FBM KLCI Index to congest sideways with upward bias,” it said.