KLCI kicks off 4Q in muted fashion

KLCI kicks off 4Q in muted fashion

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KUALA LUMPUR (Oct 1): The FBM KLCI kicked off the first trading day of the fourth quarter of 2019 in muted fashion, against the backdrop of slightly firmer regional markets.

At 9.05am,the FBM KLCI added 0,55 points to 1,584.46.

The early gainers included Kuala Lumpur Kepong Bhd, Nestle (M) Bhd, Prolexus Bhd, MISC Bhd, G3 Global Bhd, Jaycorp Bhd. Westports Holdings Bhd, Tien Wah Press Holdings Bhd and Malayan Banking Bhd.

Global share prices ticked up on Tuesday as some investors clung to hopes that China and the United States could work towards reaching a deal on trade and other issues in the fourth quarter, according to Reuters.

Japan's Nikkei rose 0.6% while MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.11%, it said.

CGS-CIMB Retail Research said tracking the mixed performance across regional markets, the local bourse remained tepid yesterday as speculation on the US's intention to delist Chinese firms from US stock exchanges led to escalating US-China trade war concerns.

It said October has historically been the most volatile month for the stock market.

“Given that there is a lack of strong positive impetus to drive the market crazy, KLCI is likely to remain volatile this week.

“Also note that yesterday’s close for the FBMKLCI is the weakest close (on a monthly basis) in 87 months i.e. since June 2012. Resistance: 1,620 & 1,640. Support: 1,580 & 1,572,” it said.