KLCI remains in negative zone as regional markets dip


-A +A

KUALA LUMPUR (Feb 27): The FBM KLCI remained in negative territory at the midday break on Friday as regional markets retreated following a pullback in oil prices.

At 12.30pm. the FBM KLCI was down 4.27 points to 1,816.60.

The top losers included Petronas Gas Bhd, Kuala Lumpur Kepong Bhd, Lafarge Malaysia Bhd, Warisan TC Holdings Bhd, Felda Global Ventures Holdings Bhd, Allianz Malaysia Bhd, Kossan Rubber Industries Bhd, DKSH Holdings Bhd, DRB-Hicom Bhd, and Genting Bhd.

The actives included Hubline Bhd, Wintoni Group Resources Bhd, Eduspec Holdings Bhd, Daya Materials Bhd, Perisai Petroleum Teknologi Bhd and Tiger Synergy Bhd.

The gainers included British American Tobacco (M) Bhd, United Plantations Bhd, Carlsberg Brewery (M) Bhd, Nestle (M) Bhd, Panasonic Malaysia Manufacturing Bhd, Can-One Bhd, LTKM Holdings Bhd and Inari Amertron Holdings Bhd.

Asian shares pulled further away from a five-month high on Friday as a sharp pullback in crude oil prices dampened risk appetite, though Japanese stocks crawled to a fresh 15-year peak after the dollar surged against the yen overnight, according to Reuters.

The dollar's strength followed upbeat U.S. data, which tilted expectations back toward an early interest rate hike by the Federal Reserve, it said.

Hong Leong IB Research said that today, the FBM KLCI is likely to retest the critical downtrend line of 1820 amid strengthening ringgit and firmer crude oil prices.

“We continue to expect stiff resistance zones near 1820, 1830 and 1842 levels.

“Key supports fall on 1810, 1800 and 1784,” it said.