KLCI pares gains as sellers outpace buyers

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KUALA LUMPUR (Oct 16): The FBM KLCI pared some of its gains at midday break today, as sellers outpaced buyers at the local bourse, against the backdrop of modest gains at regional markets.

At 12.30pm, the FBM KLCI was up 0.99 points to 1,729.73. The index had earlier risen to a high of 1,732.14.

Losers led gainers by 359 tp 269, while 1,270 counters traded unchanged. Volume was 796.54 million shares, valued at RM634.77 million.

Gainers included Top Glove Corp Bhd, Petronas Dagangan Bhd, United Plantations Bhd, UMW Holdings Bhd, Hong Leong Bank Bhd, ViTrox Corp Bhd, Chemical Company of Malaysia Bhd, Aeon Credit Service (M) Bhd and Hong Leong Financial Group Bhd.

The actives included Diversified Gateway Solutions Bhd, Hibiscus Petroleum Bhd, Priceworth International Bhd, Yong Tai Bhd, Compugates Holdings Bhd, Globaltec Formation Bhd and Sapura Energy Bhd.

The losers included Nestle (M) Bhd, Ajinomoto (M) Bhd, Carlsberg Brewery Malaysia Bhd, British American Tobacco (M) Bhd, KESM Industries Bhd, Malaysian Pacific Industries Bhd, Rapid Synergy Bhd and Rohas Tecnic Bhd.

Asian stocks rose modestly on Tuesday, gaining a firmer footing after a week of heavy losses, although increasing tensions between Saudi Arabia and the West have fanned geopolitical concerns and capped gains. MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.25%, crawling away from a 19-month trough touched on Thursday, according to Reuters.

Japan's Nikkei bounced 0.6%, following a decline of nearly 2% the previous day, Reuters said.

Kenanga IB Research said Asian markets continued to sell-off yesterday after a brief breather last Friday (Oct 12), as technology and financial sectors led a decline in the overall Asian market.

It said back home, the FBM KLCI fell 2.00 points (-0.12%) to close lower at 1,728.74.

“Technically, the outlook remains bearish, following the emergence of an earlier “head-and-shoulders” reversal chart pattern. On the shorter-term, we believe the relief rebound is losing momentum, given FBMKLCI’s gapped-down bearish pin bar yesterday.

“Key levels of resistance to look at are 1,735 (R1) and 1,760 (R2). Conversely, immediate support levels can be identified at 1,700 (S1) and 1,660 (S2),”it said.