KLCI poised to start 4Q19 below 1,600 level

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KUALA LUMPUR (Oct 1): The FBM KLCI pared some of its gains at the midday break on the first trading day of the fourth quarter of 2019 (4Q19), looking poised to start October below the 1,600-point level.

At 12.30pm, the FBM KLCI was up 1.49 points to 1,585.40. The index had earlier risen to a high of 1,588.82.

Gainers led losers by 272 to 222, while 447 counters traded unchanged. Volume was 943.88 million shares valued at RM464.7 million.

The gainers included ViTrox Corp Bhd, Panasonic Manufacturing Malaysia Bhd, Heineken Malaysia Bhd, KESM Industries Bhd, Aeon Credit Service (M) Bhd, Prolexus Bhd, Bintulu Port Holdings Bhd, Kuala Lumpur Kepong Bhd and MISC Bhd.

The actives included Eduspec Holdings Bhd, Bumi Armada Bhd, MNC Wireless Bhd, Komarkcorp Bhd, Vsolar Group Bhd, XOX Bhd, Sapura Energy Bhd and Sumatec Resources Bhd.

The decliners included Nestle (M) Bhd, UEM Edgenta Bhd, Manulife Holdings Bhd, Fraser & Neave Holdings Bhd, Rapid Synergy Bhd, Time Dotcom Bhd, GHL Systems Bhd, Chin Well Holdings Bhd and Ta Ann Holdings Bhd.

Asian share prices ticked up on Tuesday as some investors clung to hopes that the fourth quarter will bring progress in resolving the US-China trade war that's cast a shadow over the global economy, according to Reuters.

Japan's Nikkei rose 0.74% while MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.24% and Australia's benchmark by 0.25%, it said.

Affin Hwang Retail Research said the FBM KLCI Index closed flat in yesterday's session, dropping 0.23 points or 0.01% only, closing at 1,583.91.

"The index pushed slightly below the 1,580-1,585 immediate support towards a low of 1,578.53 in yesterday's session but managed to pare some losses, closing at support.

"As major markets, particularly the US market, improve, sentiments may improve slightly. Hence, anticipate the index to move sideways with upward bias.

"Anticipate the index to trade sideways within a tight range," it said.