KUALA LUMPUR (Nov 16): The FBM KLCI pared some of its loss at mid-morning but remained weak in line with most global markets in the aftermath of the Paris terrorist attacks.
At 10.01am, the FBMKLCI fell 5.83 points to 1,653.08. The index had earlier slipped to a low of 1,644.29.
The top losers included P.I.E Industrial Bhd, Kuala Lumpur Kepong Bhd, Panasonic Malaysia Manufacturing Bhd, Petronas Gas Bhd, PPB Group Bhd, IJM Plantations Bhd, British American Tobacco (M) Bhd, Hong Leong Bank Bhd and UMW Holdings Bhd.
The actives included Instacom Group Bhd, RGB International Bhd, XOX Bhd, Eden Inc Bhd, Hibiscus Petroleum Bhd, JAG Bhd and Aemulus Holdings Bhd.
The gainers included Nestle (M) Bhd, Shell Refining Company (Federation of Malaya) Bhd, Kobay Bhd, Kian Joo Can Bhd, Damanasara Realty Bhd, Hap Seng Consolidated Bhd and Can One Bhd.
Asian shares and U.S. stock futures were lower and the euro skidded in early Asian trading on Monday in the wake of Friday's deadly attacks in Paris, with stocks taking their cue from poor investor appetite for risk after the assault and Wall Street's steep losses, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.5 percent in early trade after losing 1.4 percent on Friday and more than 3 percent for the week, it said.
Hong Leong IB Research said on top of lingering uncertainties about ongoing Nov reporting season, renewed selldown in Ringgit, sliding crude prices, concerns of more pronounced slowdown in China and potential Fed liftoff in Dec, global markets are braced for a short-term sell-off today in the aftermath of IS coordinated attacks across Paris that killed over 130 people last Friday night.
It said a decisive break down below 1642 (38.2% FR) will witness another selling spree towards lower supports of 1615 (50% FR) and 1600 territory. We believe 1600-1615 levels will offer a good platform to accumulate value stocks for short to mid-term exposures amid expectations that Valuecap will start to invest into the equity market in late Nov or early Dec coupled with favourable seasonal year-end window dressing activties.
“Key resistance levels are 1669 (100-d SMA), 1675 (23.6% FR), 1688 (20-d SMA) and 1700 psychological barrier,” it said.