KLCI pares loss but stays down 0.29% as sentiment remains tepid

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KUALA LUMPUR (April 10): The FBM KLCI pared some of its loss at the midday break today, but broader sentiment stayed tepid in line with the generally weaker regional markets.

At 12.30pm, the FBM KLCI was down 0.29% or 4.69 points to 1,637.25. The index had earlier slipped to its intra-morning low of 1,635.89.

Losers led gainers by 292 to 251, while 533 counters traded unchanged. Volume was 1.66 billion shares valued at RM982.55 million.

The decliners included Carlsberg Brewery Malaysia Bhd, Malaysia Airports Holdings Bhd, Petronas Chemicals Group Bhd, Lingkaran Trans Kota Holdings Bhd, Petronas Gas Bhd, AirAsia Group Bhd and Ajinomoto (M) Bhd.

The actives included Sapura Energy Bhd, Iskandar Waterfront City Bhd, FGV Holdings Bhd, Ekovest Bhd, Karex Bhd and Sterling Progress Bhd.

The gainers included Fraser & Neave Holdings Bhd, Chin Teck Plantations Bhd, Sarawak Plantation Bhd, Hong Leong Industries Bhd, Oriental Holdings Bhd, Can-One Bhd, Nestle (M) Bhd and Southern Acids (M) Bhd.

Asian shares slipped from eight-month highs on Wednesday as the International Monetary Fund (IMF) lowered its global growth outlook and as tensions over tariffs between the United States and Europe escalated, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.3%, a day after it hit its highest since Aug 1, it said.

CIMB Retail Research said the FBM KLCI Index did not respond positively to the overnight rally in oil prices yesterday.

"Instead, the key index closed lower at 1,641.94 as investors stayed cautious over the ongoing trade negotiations between US and China.

"[US President Donald] Trump's trade wars with China and the more recent one with the European Union may mitigate the reversal signal triggered by last week's Homing Pigeon pattern.

"Coupled with the IMF's global growth forecast cut, further sideways consolidation may take place in the near term. Resistance: 1,657 & 1,665. Support: 1,627 & 1,617," it said.