Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 27): The FBM KLCI lost 0.45% at the midday break, tracking the fall at regional markets as sentiment remained jittery on geopolitical and economic concerns.

At 12.30pm, the FBM KLCI fell 7.13 points to 1,585.87.

Losers led gainers by 322 to 163, while 528 counters traded unchanged. Volume was 955.44 million shares valued at RM575.19 million.

The losers included Nestle (M) Bhd, Aeon Credit Service (M) Bhd, Hai-O Enterprise Bhd, Carlsberg Brewery Malaysia Bhd, British American Tobacco (M) Bhd, LPI Capital Bhd, Petronas Gas Bhd, Globetronics Technology Bhd and United Malacca Bhd.

The actives included Green Packet Bhd, MNC Wireless Bhd, Sumatec Resources Bhd, Sapura Energy Bhd, Bumi Armada Bhd, Vsolar Group Bhd and PRG Holdings Bhd.

The gainers included Dutch Lady Milk Industries Bhd, Tenaga Nasional Bhd, Petronas Dagangan Bhd, Scientex Bhd, SKP Resources Bhd, Latitude Tree Holdings Bhd and Pentamaster Corp Bhd.

Most Southeast Asian stock markets edged lower on Friday, with Philippines leading the fall, as a slew of political and trade-related concerns kept risk appetite in check, according to Reuters.

A whistle-blower report released on Thursday said US President Donald Trump not only abused his office in an attempt to solicit Ukraine's interference in the 2020 US election for his benefit, but that the White House tried to "lock down" evidence about the conduct, it said.

Also adding to market jitters was a decline in China's August industrial profits after a brief gain in the previous month, suggesting renewed pressure due to the trade war and slowdown in domestic demand, it said.

Kenanga IB Research said Asian stocks ended lower yesterday over growing global economic growth concerns.

It said back home, the FBM KLCI lost 2.75 points (-0.17%) to end at 1,589.58.

"Chart-wise, the underlying trend of the index remains bearish as the index remains below all of its key SMAs (simple moving averages).

"Key support levels to watch out for are 1,570 (S1) and 1,550 (S2). Conversely, overhead resistance levels can be found at 1,630 (R1) and 1,650 (R2)," it said.

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