KLCI falls 1.15% in line with regional weakness

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KUALA LUMPUR (Sept 7): The FBM KLCI fell 1.15% at mid-morning today in line with the regional weakness, weighed by select blue chips.

At 10.02am, the FBM KLCI lost 18.13 points to 1,570.85.

The top losers included British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Far East Corporation Bhd, Genting Plantations Bhd, Kuala Lumpur Kepong Bhd, Hong Leong Financial Group Bhd, Sime Darby Bhd, UMW Holdings Bhd and Hong Leong Bank Bhd.

The actively traded stocks included Malaysian Resources Corporation Bhd, IFCA MSC Bhd, The Media Shoppe Bhd, Nexgram Holdings Bhd and AirAsia Bhd.

The top gainers included Puncak Niaga Holdings Bhd, Pestech International Bhd, V.S. Industry Bhd, Kumpulan Perangsang Selangor Bhd, Top Glove Corporation Bhd, Nestle (M) Bhd, Hartalega Holdings Bhd and New Hoong Fatt Holdings Bhd.

Asian stocks weakened on Monday, taking early cues from Wall Street's slide after the August jobs report failed to give a clear view on the Federal Reserve's interest rate hike, while participants also nervously awaited the restart of Chinese financial markets following the long weekend, according to Reuters.

The dollar was significantly weaker against the safe-haven yen in wake of the instability in global markets and dipped against the euro as well, it said.

Hong Leong IB Research said trading sentiment is likely to remain wary in the midst of internal and external risks coupled with the reopen of China SHCOMP today after the 3 & 4 Sep closures.

“Technically, the FBM KLCI is expected to be trapped in consolidation mode after staging a relief rally from a 3½-year low of 1504 on 24 Aug to a high of 1660 on 1 Sep before ending at 1589 last Friday.

“Key supports fall on 1550-1581 while resistances are 1600-1637,”it said.