KLCI pares loss, moves above 1,730 level

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KUALA LUMPUR (Oct 19): The FBM KLCI pared some of its loss at the midday break and moved above the 1,730-point level.

At 12.30pm, the FBM KLCI was down 0.43% or 7.52 points to 1,730.49. The index had earlier slipped to a low of 1,718.13.

Losers led gainers by 555 to 156, while 1,188 counters traded unchanged. Volume was 1.29 billion shares valued at RM849.85 million.

The top losers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd, KESM Industries Bhd, My E.G. Services Bhd (MyEG), Allianz Malaysia Bhd, Datasonic Group Bhd, Petronas Gas Bhd, Time dotCom Bhd and Petron Malaysia Refining & Marketing Bhd.

The actives included Iris Corp Bhd, MyEG, Sapura Energy Bhd, Datasonic, Sino Hua-An International Bhd, Prestariang Bhd and Hibiscus Petroleum Bhd.

The gainers included BLD Plantation Bhd, Top Glove Corp Bhd, Genting Bhd, Negri Sembilan Oil Palms Bhd, Heineken Malaysia Bhd, PPB Group Bhd and QL Resources Bhd.

Asian stocks slipped further on Friday as China posted its weakest economic growth since the global financial crisis, adding to market concerns about trade disputes, rising US interest rates and Italy's free-spending budget, according to Reuters.

The MSCI's broadest index of Asia-Pacific shares outside Japan was 0.2% weaker following China's latest GDP reading. Australian shares fell 0.3% and Japan's Nikkei average was 1.1% lower, it said.

Affin Hwang Capital Research said the FBM KLCI Index was little changed (down 2.58 points) in the last session.

"Prices have been hovering sideways for the past two days amidst the lack of fresh catalysts and lack of serious buying in big caps. Anticipate local market to soften further today as global sentiments turned sour.

"The FBM KLCI Index anticipated to resume lower, technical rebound perceived as completed," it said.