KLCI remains in the red as lack of fresh catalysts keeps investors sidelined

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KUALA LUMPUR (June 18): The FBM KLCI remained in negative territory at mid-mornin today as a lack of fresh catalysts kept investors sideline despite the uptick at most regional markets.

At 10am, the FBM KLCI was down 0.49 points to 1,726.37.

The top losers included Shang-ri Hotels (Malaysia) Bhd. UMW Holdings Bhd, Kuala Lumpur Kepong Bhd, Grand Hoover Bhd, Genting Plantations Bhd, Genting Bhd, Only World Group Holdings Bhd, Tenaga Nasional Bhd and Sime Darby Bhd.

The actively traded stocks included AirAsia Bhd, Minetec Resources Bhd, Nexgram Holdings Bdd, APFT Bhd, AirAsia X Bhd, Bintai Kinden Holdings Bhd and Wintoni Group Bhd.

The top gainers included British American Tobacco (M) Bhd, Top Globve Corporation Bhd, Super Enterprise Holdings Bhd, Harbour-Link Group Bhd, Cahya Mata Sarawak Bhd, Kossan Rubber Industries Bhd, MMC Corporation and Mudajaya Group Bhd.

Asian equities rose early on Thursday after the Federal Reserve sounded more dovish than many had expected and led investors to push back their expected timing of a rate hike, while the dollar was put on the defensive on the same token, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.3 percent. South Korea's Kospi rose 0.7 percent, while Japan's Nikkei dipped 0.1 percent on the yen's gains against the dollar, it said.

Hong Leong IB Research said that without fresh catalyst, the FBM KLCI would continue to trade sideways  albeit with an upside bias in anticipation of a mid-year window dressing activities from a grossly oversold market.

“Key supports are 1700-1718 while resistances are situated at 1750-1769,” it said.