Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 22): The FBM KLCI remained below the 1,600-point level at mid-morning today as domestic investor sentiment stayed edgy.

At 10am, the FBM KLCI fell 2.25 points to 1,589.94.

Losers led gainers by 289 to 217, while 299 counters traded unchanged. Volume was 629.1 million shares valued at RM314.99 million.

The decliners included Nestle (M) Bhd, Hong Leong Bank Bhd, Sarawak Oil Palms Bhd, Genting Plantations Bhd, Kossan Rubber Industries Bhd, Public Bank Bhd and UWC Bhd.

The actives included Ekovest Bhd, Sapura Energy Bhd, Perdana Petroleum Bhd, Bumi Armada Bhd, Pintaras Jaya Bhd, Daya Materials Bhd, Iskandar Waterfront City Bhd and KNM Group Bhd.

The gainers included IGB Bhd, Scientex Bhd, MBM Resources Bhd, Teck Guan Perdana Bhd, Mi Technovation Bhd, Batu Kawan Bhd and Petronas Gas Bhd.

Reuters reported that Asian equities rose on Friday, bouncing from a three-week low touched a day earlier, but gains were capped by persistent worries over the status of trade negotiations between China and the United States.

Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.12%. The index had fallen as much as 1.41% on Thursday, hitting its lowest level since Oct 30, on concerns that US legislation on Hong Kong threatened to undermine trade talks between the world's two largest economies, it said.

Hong Leong IB Research said in wake of an overbought market, the Dow is likely to remain event-driven in the near term until an agreement can finally be reached by the US and China.

"Nevertheless, any pullback is likely to be cushioned near 27,300-27,500 amid recent positive economic data and upbeat US 3Q19 reporting season. Key resistances are located at 28,200-28,500 levels," it said.

On the local front, the research house said it expects sentiment to remain edgy amid the ongoing November reporting season and the US-China trade deal uncertainty.

"Following recent breakdown below 1,600 psychological support, KLCI is envisaged to extend its consolidation on technical weakness but traditional window-dressing activities in December [are] likely to lend some support to the KLCI.

"Key supports are near 1,573-1,585 whilst resistances are located at 1,610-1,633 levels," it said.

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