Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 23): The FBM KLCI pared some of its losses at the midday break on Tuesday as regional bourses recouped earlier losses.

At 12.30pm, the FBM KLCI was down 4.62 points to 1,841.43. The index had earlier fallen to its intra-morning low of 1,832.54.

The top losers included BAT, Petronas Gas, Genting Plantations, Lafarge Malaysia, Takaful, Narra, HLFG, Dutch Lady. Hong Leong Bank, Allianz, Public Bank and Aeon Credit.

The actively traded stocks included Reach Energy, Iris Corp, Ni Hsin, Dutaland, Efficen, Pasukhas, Takaso, IFCA MSC, Century Software, TMC Life and Olympia.

The gainers included PPB, BHS, KSL, Carlsberg, F&N, Perduren, LPI Capital, Scientex, Tenaga and United Plantations.

Regionally, Asian shares recouped early losses on Tuesday while commodities won a break from recent selling pressure after a reading on China's massive factory sector outpaced the market's bleak expectations, according to Reuters.

The HSBC flash reading on manufacturing (PMI) for September rose to 50.5, from 50.2 in August and confounding forecasts for a dip to 50.0, it said.

Hong Leong IB Research said that chart wise, failure to penetrate above the key 200-day simple moving average support-turned-resistance at 1851 levels will dampen sentiment and trigger an extended consolidation to the FBM KLCI, with downside bias to retest monthly low of 1836 (15 Sep).

“We believe the oversold slow stochastic and expectation of end 3Q14 window dressing activities are likely to cushion further sharp fall to the index.

“Meanwhile, key resistances are 1857-1866,” it said.

 

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