KUALA LUMPUR (Aug 3): The FBM KLCI pared some of its loss at mid-morning, with profit taking likely to keep the benchmark index in the red.
At 10.05am, the FBM KLCI was down 2.77 points to 1,720.37. The index had earlier slipped to a low of 1,714.82.
The top losers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, TAHPS Group Bhd, Genting Plantations Bhd, Tasek Corporation Bhd, Axis REIT, Kuala Lumpur Kepong Bhd, Sime Darby Bhd, UMW Holdings and and Genting Malaysia Bhd.
The actives included Idimension Consolidated Bhd, Takaso Resources Bhd, APFT Bhd, Supermax Corporation Bhd, The Media Shoppe Bhd, JCY International Bhd, Tiger Synergy Bhd and Genetec Technology Bhd.
The top gainers included Hong Leong Industries Bhd. SAM Engineering and Equipment Bhd, Supermax, Hume Industries Bhd, Petronas Dagangan Bhd, Cycle and Carriage Bintang Bhd, Ibraco Bhd, Westports Holdings Bhd and Top Glove Corporation Bhd.
Asian shares took cues from a lower Wall Street and dipped early on Monday, while the dollar was on the defensive against the euro and yen following disappointing US wage growth data that dented prospects for an early interest rate hike by the Federal Reserve, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent. Japan's Nikkei fell 0.2% and South Korea's Kospi lost 0.5%, it said.
Hong Leong IB Research said the FBM KLCI was likely to extend last Friday’s rally in the early part of this week.
However, it said upside was likely to be capped near 1,746 (61.8% FR) and 1769 (50% FR) levels due to lack of fresh catalysts, lingering worries on potential sharp slowdown in China economy and wild swings in SHCOMP, domestic political glitches, 1MDB probes, sliding Ringgit and commodities prices and expectations of another weak CY2Q15 results season.
“On the flipside, a decisive breakdown below 1685 (9 July low) will spur index lower to 1,672 (17 Dec) levels,” it said.