KUALA LUMPUR (Dec 17): The FBM KLCI remained in the negative zone during the midday break as evidence of slowing global economic growth hindered the local market.
At 12.30pm, the FBM KLCI dipped 1.63 points to 1,660.33. The index had fallen to its intra-morning low of 1,645.86.
Losers led gainers by 561 to 133, while 285 counters traded unchanged. Volume was 782.74 million shares valued at RM444.28 million.
The top losers included British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd, Heineken Malaysia Bhd, VS Industry Bhd, ViTrox Corp Bhd, Genting Plantations Bhd, Petronas Dagangan Bhd, Malaysian Pacific Industries Bhd, Hong Leong Financial Group Bhd and Aeon Credit Service (M) Bhd.
The actives included Priceworth International Bhd, Sapura Energy Bhd, Bumi Armada Bhd, KNM Group Bhd, VS Industry, My EG Services Bhd, Hubline Bhd, Sanichi Technology Bhd and Jaks Resources Bhd.
The gainers included Petronas Gas Bhd, Nestle (M) Bhd, Kian Joo Can Factory Bhd, Petronas Chemicals Group Bhd, Panasonic Manufacturing Malaysia Bhd, Hong Leong Industries Bhd and Asia File Corp Bhd.
Asian share markets began the week on a cautious note after soft economic data from China and Europe added to evidence of cooling global growth and reinforced anxiety over the broadening impact of international trade frictions, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.1% in early Monday trade, led by losses in China and Hong Kong. The CSI 300 of Shanghai and Shenzhen share index dropped 0.9%, the newswire said.
Affin Hwang Capital Research said the FBM KLCI Index ended last week on a sour note, falling 14.04 points or 0.84% to close at 1,661.96.
It said on the weekly chart, moving average convergence divergence (MACD) continues to converge steadily although at a slow rate.
The research house said looking at past data, the last time MACD was at the current level, the index subsequently reversed and surge higher, gaining about 165 points.
"Hence, we may utilise this as a guide to anticipate the index acting the same way moving forward.
"Overall, the index has gradually entered into a whipsaw stage which hints the start of a temporary bottoming, thus preparing the market for a potential rebound in the near future.
"Nonetheless, fears of an economic slowdown globally continue to hinder performance in our local stock market," it said.