KLCI remains in negative zone as select blue chips weigh

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KUALA LUMPUR (Dec 8): The FBM KLCI remained in negative territory at mid-morning on Monday despite the uptrend at regional markets, weighed by select blue chips amidst lack of fresh catalysts.

Atf 10.05am, the FBM KLCI fell 5.24 points to 1,744.13.

The top losers included Aeon Credit Services (M) Bhd, Genting Plantations Bhd, Lafarge Malaysia Bhd, United Plantations Bhd, Carlsberg Brewery (M) Bhd, Asia Brands Bhd, Boustead Holdings Bhd and Berjaya Food Bhd.

The actively traded counters included Pasukhas Group Bhd, Minetech Resources Bhd, RGB Corporation Bhd, Sumatec Resources Bhd, Technodex Bhd, KNM Group Bhd and Bumi Armada Bhd.

The gainers included Petronas Dagangan Bhd, British American Tobacco (M) Bhd, Malaysian Pacific Industries Bhd, Hong Leong Bank Bhd, Petronas Gas Bhd, Kuala Lumpur Kepong Bhd and RHB Capital Bhd.

Regionally, Asian stocks stood firm and the dollar notched fresh seven-year highs against the yen on Monday after much stronger-than-expected jobs data underlined the strength of the U.S. economy, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was unchanged. Australian shares gained 0.8 percent. Tokyo's Nikkei rose 0.3 percent, poking above 18,000 for the first time since July 2007, it said.

Hong Leong IB Research said the mid-long term picture of the FBM KLCI remained bearish as downtrend was still intact.

“However, technical rebound is likely to emerge this week as rebound is not unusual after gap was filled.

“Next solid supports are near 1732 and 1715 zones. For technical rebound, look for an immediate tough upside resistances at 1758, 1778 and 1800 psychological levels,” it said.