KLCI pares loss as select blue chips claw back

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KUALA LUMPUR (Nov 5): The FBM KLCI pared some of its loss at mid-morning today as select blue chips rose, helping the index to erase part of its losses.

At 10am, the FBM KLCI was down 1.70 points to 1,683.92. The index had earlier dipped to 1,679.91.

The top losers included British American Tobacco (M) Bhd, PPB Group Bhd, Latitude Tree Holdings Bhd, Genting Bhd, IJM Plantations Bhd, Guiness Anchor Bhd and Sarawak Oil Palms Bhd.

The actives included Sanichi Technology Bhd, Pesona Metro Holdings Bhd, APFT Bhd, China Automobile Parts Holdings Bhd, Genetec Technology Bhd and AirAsia X Bhd.

The top gainers included Nestle (M) Bhd, BLD Plantation Bhd, Tasek Corporation Bhd, Tenaga Nasional Bhd, Oriental Interest Bhd, Hong Leong Bank Bhd and Oriental Food Industries Bhd.

Asian shares stumbled on Thursday after Federal Reserve Chair Janet Yellen said a December interest rate hike in the United States is a "live possibility", sending short-term U.S. bond yields to 4-1/2-year highs and pushing the dollar broadly up, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent, led by 1.2 percent fall in Australian shares, it said.

Hong Leong IB Research said the back-to-back FBM KLCI gains of 21.6 points in the last two days had instilled renewed optimism for the index to retest higher upside targets near 1700 and 1727 (monthly high) levels, supported by bottoming up oscillators and higher lows formations in the daily chart, expectations that Valuecap will start to invest into the equity market in late Nov or early Dec coupled with favourable seasonal Nov/Dec performance due to window dressing activties.

“Immediate supports are 1663-1675,” it said.