KLCI pares loss but stays down in line with region

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KUALA LUMPUR (Apr 1): The FBM KLCI pared some of its loss at the midday break today but remained in the red in line with the regional markets.

At 12.30pm, the FBM KLCI fell 4.33 points to 1,826.45. The index had earlier fallen to its intra-morning low of 1,824.93.

Market breadth turned weaker with 405 losers and 209 gainers, while 311 counters traded unchanged. Volume was 1.49 billion shares valued at RM546.53 million.

The top losers included British American Tobacco (M) Bhd, Tahps Group Bhd, Aeon Credit Services (M) Bhd, DanaInfra Nasional Bhd, Genting Bhd, Genting Plantations Bhd and Westports Holdings Bhd.

The most actively traded counters included Xinghe Holdings Bhd shares and warrants, Asia Bio Energy Technologies Bhd, Sumatec Resources Bhd, Genetec Technology Bhd, Tiger Synery Bhd and IFCA MSC Bhd.

The gainers included Kumpulan H & L High-Tech Bhd, Pharmaniaga Holdings Bhd, Syarikat Takaful Malaysia Bhd, Yee Lee Corporation Bhd, Petronas Dagangan Bhd, RHB Capital Bhd, Astro Malaysia Bhd and IFCA MSC Bhd.

Asian stocks sagged on Wednesday, taking their lead from weaker US shares, while the dollar slid against the yen as Tokyo's Nikkei recoiled in volatile trade, according to Reuters.

Crude oil prices continued to decline as negotiations between Iran and world powers over nuclear technology with potential supply implications extended beyond a deadline, it said.

JF Apex Securities Research said US and European stocks ended lower yesterday as investors booked profits amid mixed economic data.

“The FBM KLCI soared 8.95 points or 0.49% to close at 1830.78 points yesterday mainly driven by gains in blue chips. Technical indicators are bullish with our index breaking the 200-day moving average of 1830 level.

“However, we expect profit taking to kick in today which is in line with the overnight losses in overseas markets,” it said.