KLCI remains in red as select blue chips weigh

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KUALA LUMPUR (Oct 28): The FBM KLCI remained in negative territory at mid-morning on Tuesday, in line with the weaker regional markets, weighed by losses at select blue chips,

At 10am, the FBM KLCI fell 2.22 points to 1,820.93.

The top losers included BAT, Panasonic, MISC, MPI, Felda Global, BIMB , Johore Tin, Inari, Kulim, Axiata, Genting, BHS and HLFG.

The actives included Sona Petroleum, IFCA MSC, DGB, Efficient, Sumatec, Manage Pay, Datasonic and PDZ.

The top gainers included KLK, Press Metal, Dutch Lady, Aeon Credit, SHL, F&N, Petronas Dagangan,

Regionally, Asian shares wobbled in early trade on Tuesday, with investors cautious ahead of the U.S. Federal Reserve's two-day meeting and as oil prices extended declines, according to Reuters.

The Fed is expected to announce the completion of its quantitative easing programme after a two-day meeting starting later in the session and will likely reinforce its stated willingness to wait a long while before hiking interest rates after a volatile month in financial markets, it said.

JF Apex Securities Research said U.S. stocks drifted little changed overnight after the market's best week of the year, as investors tracked the cost of crude as a proxy for the health of the global economy and sorted through quarterly earnings.

Meanwhile, Europe's stock markets closed lower after a closely-watched German economic report came in weaker than expected, putting the brakes on a relief rally over the results of a key health check on the region's banks, it said.

“On the local market, the FBM KLCI added 4.29 points to 1823.15 points.

“Following the mixed performance in the US, we expect the KLCI to take a breather and hover below its resistance of 1830 points,” it said.