KLCI pares loss, remains in red in line with region

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KUALA LUMPUR (Dec 4): The FBM KLCI pared some its loss at midday break, but remained in the red in line with its regional peers.

At 12.30pm, the FBM KLCI fell 7.15 points to 1,692.57. The index had earlier fallen to its intra-morning low of 1,690.24.

Losers led gainers by 476 to 232, while 1,160 counters traded unchanged. Volume was 1.59 billion shares valued at RM843.73 million.

Top losers included British American Tobacco (M) Bhd, Nestle (M) Bhd, Amway Holdings (M) Bhd, Latitude Tree Holdings Bhd, Hong Leong Financial Group Bhd, Tenaga Nasional Bhd, KESM Industries Bhd, Top Glove Corp Bhd, Sime Darby Plantation Bhd and APM Automotive Holdings Bhd.

The actives included Bumi Armada Bhd, Sanichi Technology Bhd, Sumatec Resources Bhd, My EG Services Bhd, Tatt Giap Group Bhd, Hubline Bhd and Hibiscus Petroleum Bhd.

Gainers included United Plantations Bhd, Petronas Dagangan Bhd, Telekom Malaysia Bhd, Hengyuan Refining Company Bhd, Cahya Mata Sarawak Bhd, Allianz Malaysia Bhd, IHH Healthcare Bhd, Dufu Technology Bhd and Yinson Holdings Bhd.

Asian shares fell in early trade on Tuesday as a relief rally sparked by a truce in the U.S.-China trade war gave way to doubts on whether the two countries are able to resolve their differences before a 90-day deadline, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.2% as the Australian market gave up 0.5% and Seoul's Kospi fell 0.6%, it said.

Affin Hwang Capital Research said the FBM KLCI Index rebounded, clawing back losses, gaining 19.86 points or 1.18% yesterday following gains seen stateside.

It said the index closed at 1699.72, remain supported above the 1675 immediate support level. This level has been holding for the past two months.

“Maintain the view that the index will continue to rally on improved sentiments surrounding the global arena.

“Year-end window dressing [is] also anticipated to be the catalyst for a December rally.

“Anticipate FBM KLCI Index to congest sideways with upward bias,” it said.