KUALA LUMPUR (July 31): The FBM KLCI pared some of its loss at the midday break today, but resumed its downward movement in line with the fall at regional markets.
At 12.30pm, the FBM KLCI was down 8.63 points to 1,634.06. The index had earlier slipped to a low of 1,626.32.
Market breadth was negative with 376 losers versus 153 gainers, while 582 counters traded unchanged. Volume was 1.63 billion shares valued at RM1.1 billion.
The top losers included British American Tobacco (M) Bhd, Hong Leong Bank Bhd, Hong Leong Financial Group Bhd, Public Bank Bhd, Petronas Dagangan Bhd, Carlsberg Brewery Malaysia Bhd, Fraser & Neave Holdings Bhd, Syarikat Takaful Malaysia Keluarga Bhd and Kuala Lumpur Kepong Bhd.
The actives included NetX Holdings Bhd, KNM Group Bhd, Green Packet Bhd, Eduspec Holdings Bhd, Bumi Armada Bhd and Priceworth International Bhd.
The gainers included Tenaga Nasional Bhd, Westports Holdings Bhd, Adventa Bhd, UWC Bhd, Boilermech Holdings Bhd, Spritzer Bhd and SHL Consolidated Bhd.
Asian shares fell on Wednesday to a six-week trough, rattled by fresh trade war concerns following threats from US President Donald Trump to Beijing, while increasing worries about a no-deal Brexit kept the pound under pressure, according to Reuters.
Later in the day, the US Federal Reserve is widely expected to cut interest rates for the first time since the financial crisis more than a decade ago. The expected easing has supported risk asset prices worldwide, it said.
Affin Hwang Capital Research said the FBM KLCI Index fell 5.27 points or 0.32% on Monday, ending the session at 1,642.69.
It said market breadth was negative, with 297 gainers compared to 580 losers.
"Trading volume was at 2.6 billion shares while value traded stands at RM1.72 billion.
"The Index is now beginning to trend lower once again. Price retested support around 1,635 in yesterday's session but remained above it currently as buyers were present, supporting the index. Overall, downward bias escalates.
"Anticipate to resume downward movement," it said.