KLCI firmly below 1,700 level as broader sentiment stays negative

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KUALA LUMPUR (Oct 29): The FBM KLCI notched up limited gains at the midday break as regional markets struggled to hold on to earlier advances, and remained firmly below the crucial 1,700-point level.

At 12.30pm, the FBM KLCI was up 0.41 points to 1,683.47. The index had earlier risen to its intra-morning high of 1,686.83.

Market breadth was negative with losers leading gainers by 516 to 172, while 1,212 counters traded unchanged. Volume was 1.01 billion shares valued at RM606.84 million.

The top gainers included Hong Leong Industries Bhd, Computer Forms (Malaysia) Bhd, IHH Healthcare Bhd, Selangor Properties Bhd, United Plantations Bhd, Syarikat Takaful Malaysia Keluarga Bhd, IJM Plantations Bhd, British American Tobacco (M) Bhd, DiGi.Com Bhd, MISC Bhd and Tenaga Nasional Bhd.

The actives included Seacera Group Bhd, My EG Services Bhd, Tatt Giap Group Bhd, Hibiscus Petroleum, Gamuda Bhd and Datasonic Group Bhd.

The decliners included ViTrox Corp Bhd, Batu Kawan Bhd, Carlsberg Brewery Malaysia Bhd, MSM Malaysia Holdings Bhd, Apollo Food Holdings Bhd, Nestle (M) Bhd and Malaysian Pacific Industries Bhd.

Asian shares barely managed to hold firm on Monday after a tumultuous week for global equities, with US stock futures turning down and Chinese markets deep in the red on fresh signs of cooling in the world's second-biggest economy, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was last up 0.3% after rising just over 0.5% earlier in the day, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed little changed (down 3.53 points) on Friday.

It said prices are approaching the 1,650 key support level.

"Technical indicators are also approaching oversold territories. Overall, we may see a strong rebound happening at the 1,650 level.

"The FBM KLCI Index resumed lower after temporary technical rebound," it said.