KLCI remains in negative territory as sentiment stays wary

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KUALA LUMPUR (Nov 20): The FBM KLCI remained in negative territory at mid-morming today weighed by select blue chips as local investor sentiment stays wary.

At 10.01am, the FBM KLCI fell 1.73 points to 1,658.33.

The top losers included British American Tobacco (M) Bhd, DKSH (M) Holdings Bhd, Lay Hong Bhd, Sarawak Oil Palms Bhd, IJM Plantations Bhd, Hap Seng Consolidated Bhd, UMW Holdings Bhd and Press Metal Bhd.

The actives included Instacom Group Bhd, Hibiscus Petroleum Bhd, Globaltec Technology Bhd, D.B.E Gurney Rsources Bhd, EA Holdings Bdh, China Automobile Parts Holdings Bhd and XOX Bhd.

The top gainers included Latitude Tree Holdings Bhd, Malaysian Pacific Industries Bhd, Genting Plantations Bhd, Oriental Holdings Bhd, Lafarge Malaysia Bdh, Ta Ann Holdings Bhd and Prestariang Bhd.

Asian shares looked set to hold on to this week's gains, while the dollar took a breather on Friday after stepping back from seven-month highs as investors grappled with the prospects of higher U.S. borrowing costs and slower global economic growth, according to Reuters.

Commodity prices were pressured, with copper near 6-1/2-year lows and a major sea freight index hitting its lowest level on record, underscoring worries over slackening world demand, it said.

Hong Leong IB Research said following robust volume of 3.42 billion shares (the highest since 3.44 billion sharers on Sept 1, 2014) with continuous local institutional and retail participation, the FBM KLCI’s near term technical outlook had turned slightly positive, boosted by expectations that Valuecap will start to invest into the equity market in late Nov or early Dec and favourable seasonal Dec performance due to window dressing activities.

“A decisive breakout above 1674 will spur the FBM KLCI towards 1687-1700 levels while a breakdown below 1642 will see index lower towards 1600-1615 zones,” it said.