KLCI remains in the red in line with struggling regional markets


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KUALA LUMPUR (May 18): The FBM KLCI remained in negative territory in line with the struggling regional markets but stayed above the crucial 1,800-point level.

At 12.30pm, the FBM KLCI slipped 0.08 points to 1,811.84.

Market breadth was mixed with 332 gainers and 329 losers, while 295 counters traded unchanged. Volume was 1.01 billion shares valued at RM599.91 million.

The top losers included British American Tobacco (M) Bhd, Negeri Sembilan Oil Palms Bhd, Melati Ehsan Bhd, Sime Darby Bhd, UMW Holdings Bhd, IQ Group Bhd, The Nomad Group Bhd and Only World Group Holdings Bhd.

The top actives included Kanger International Bhd, Nesgram Holdings Bhd, Hubline Bhd, Malakoff Corporation Bhd, The Media Shoppe Bhd, Globaltec Technologies Bhd, AirAsia X Bhd and Ho Wah Genting Bhd.

The top gainers included TAHPS Group Bhd, Amway (M) Holdings Bhd, Pestech International Bhd, DanaInfra Nasional Bhd, Cahya Mata Sarawak Bhd, Tasco Bhd, Petronas Dagangan Bhd and PPB Group Bhd.

Asian shares slipped on Monday and the dollar stayed near a four-month low against a basket of major currencies after soft data raised doubts over whether the US economy has been growing despite US share prices standing at historic highs, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4%, although Japan's Nikkei share average edged up just 0.4% thanks to some companies' move to boost shareholder returns, it said.

BIMB Securities Research said key regional equities ended mostly higher last Friday as Hong Kong closed sharply higher following overnight gains in the US.

“The local benchmark also ended higher, gaining 4.37 points to 1,811.92 lifted by O&G, tobacco and power counters.

“Trading participation saw net selling by local retail while local and foreign institutions were net buyers.

“We expect the local market to remain resilient due to continuous inflow of funds into the region with immediate resistance at 1,815 while support at 1,805,” it said.