Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 10): The FBM KLCI pared much of its loss at the midday break Tuesday, against the backdrop of tepid regional markets.

At 12.30pm, the FBM KLCI was down 1.1 points to 1,561.61. The index had earlier slipped to a low of 1,559.23.

Losers led gainers by 333 to 259, while 441 counters traded unchanged. Volume was 1.57 billion shares valued at RM738.65 million.

The top decliners included Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Dutch Lady Milk Industries Bhd, Nestle (M) Bhd, Hong Leong Industries Bhd, Kim Hin Industry Bhd and Rapid Synergy Bhd.

The actives included TDM Bhd, Sanichi Technology Bhd, JAKS Resources Bhd, Sapura Energy Bhd, Tiger Synergy Bhd and Rimbunan Sawit Bhd.

The gainers included Fraser & Neave Holdings Bhd, Heineken Malaysia Bhd, G3 Global Bhd, Gamuda Bhd, MBM Resources Bhd, Genting Bhd, Aeon Credit Service (M) Bhd, Ann Joo Resources Bhd and Top Glove Corp Bhd.

Asian equity markets ticked down on Tuesday, tracking Wall Street losses as investors fretted over a Dec 15 deadline for the next round of US tariffs on Chinese imports to take effect, according to Reuters.

Adding to the market uncertainty were comments from US Agriculture Secretary Sonny Perdue on Monday that while President Donald Trump did not want to implement tariffs, he did want to see "movement" from China, it said.

Kenanga IB Research said Asian stocks closed mixed yesterday as investors remained cautious over China's latest dismal trade data, which marked a fourth consecutive month of decline.

It said back home, the FBM KLCI lost 5.73 points or 0.37% to close at 1,562.71.

The research house said that chart-wise, the index has broken below all key simple moving averages (SMAs) coupled with a bearish signal from the moving average convergence divergence (MACD) indicator.

"We opine a potential technical rebound could be due in the near term, given the Stochastic indicator is still hovering around the oversold region.

"From here on, the overhead resistance can be seen at 1,630 (R1) and 1,650 (R2). Conversely, immediate support levels can be found at 1,550 (R1) and 1,540 (R2)," it said.

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