KLCI pares loss, stays in negative zone on lack of fresh catalysts

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KUALA LUMPUR (June 25): The FBM KLCI pared some of its loss at the midday break today but remained in negative zone amid lack of fresh of catalysts.

At 12.30pm, the FBM KLCI was down 2.81 points to 1,673.32. The index had earlier slipped to a low of 1,672.41.

Losers led gainers by 283 to 197, while 511 counters traded unchanged. Volume was 938.53 million shares valued at RM674.74 million.

The decliners included Nestle (M) Bhd, Hong Leong Bank Bhd, Allianz Malaysia Bhd, Genting Bhd, Shang-ri La Hotels (M) Bhd and Rapid Synergy Bhd.

The actives included Lambo Group Bhd, Bumi Armada Bhd, Sumatec Resources Bhd, Focus Dynamics Group Bhd, Berjaya Land and Handal Resources Bhd.

The gainers included British American Tobacco (M) Bhd, Tenaga Nasional Bhd, Panasonic Manufacturing Malaysia Bhd, Malaysian Pacific Industries Bhd, SAM Engineering & Equipment (M) Bhd, Telekom Malaysia Bhd and UPA Corp Bhd.

Most Southeast Asian stock markets slipped on Tuesday as investors refrained from taking any fresh positions ahead of key trade talks between presidents of the United States and China on the sidelines of a G20 summit this week, according to Reuters.

US President Donald Trump views the meeting with Chinese President Xi Jinping as a chance to see where Beijing stands on the trade war, and is "comfortable with any outcome" from the talks, a senior US official said on Monday, the newswire reported.

Affin Hwang Capital Research said the FBM KLCI Index ended its four-day winning streak yesterday. The index lost 6.1 points or 0.36%, closing at 1,676.13.

"The index turned lower in yesterday's session following losses seen in the US market on Friday. Market breadth was severely negative with 294 gainers as compared to 518 losers.

"Prices now seems to be stalling at the 200-day EMA (exponential moving average), which is a key resistance zone. Investors should keep a close watch on the price action in the near future to see whether prices will breach below the recent low around 1,640 to stage a reversal lower or continue on its short-term upward trend.

"Technical relief rebound in progress," it said.