KUALA LUMPUR (Dec 14): The FBM KLCI pared some of its loss and was down 0.66% at the midday break.
At 12.30pm, the FBM KLCI fell 11.25 points to 1,664.75. The index had earlier slipped to a low of 1,661.30.
Losers led gainers by 470 to 190, while 1,242 counters were unchanged.
The decliners included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd, Heineken Malaysia Bhd, Tenaga Nasional Bhd, Public Bank Bhd, Petronas Gas Bhd, Malaysia Airports Holdings Bhd, Malaysian Pacific Industries Bhd and Padini Holdings Bhd.
The actives included Priceworth International Bhd, Vortex Consolidated Bhd, Hubline Bhd, Permaju Industries Bhd, Jaks Resources Bhd, Bumi Armada Bhd and FGV Holdings Bhd.
The gainers included Kian Joo Can Factory Bhd, Can-One Bhd, Apollo Food Holdings Bhd, Hong Leong Industries Bhd and Malaysia-listed Hang Seng Index-linked put warrants.
Asian shares tumbled on Friday after China reported a set of weak data, fanning fresh worries of a sharp slowdown in the world's second-biggest economy and leaving investors fretting over the wider impact of a yet unresolved Sino-US trade dispute, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.4%, while Japan's Nikkei dropped 2.1%, it said.
Affin Hwang Capital Research said the FBM KLCI Index gained 12.73 points or 0.77% on Thursday, now having two consecutive green days.
The research house said the index closed at 1,676. This level acted as support previously which may now be a new resistance level. Prices are also just below the 20-day exponential moving average, whereby the index failed to breach above it time and time again
“It would be interesting to observe the price action today as to whether buyers can sustain the momentum, continue to push prices higher or sellers would once again stop the index in its track.
“On the daily chart, technical indicators are showing early signs of a reversal higher, exiting from oversold regions — potential rise in upward momentum.
“Anticipate the FBM KLCI Index to congest sideways with downward bias,” it said.