KLCI remains in the red as sentiment turns cautious

KLCI remains in red as sentiment turns cautious

-A +A

KUALA LUMPUR (April 22): The FBM KLCI remained in the negative territory at mid-morning today as sentiment turned cautious in line with the regional markets.

At 10.06am, the FBM KLCI fell 4.11 points to 1,717.36.

The top losers included Panasonic Manufacturing Malaysia Bhd, Malaysia Airport Holdings Bhd, Hong Leong Financial Group Bhd, Genting Bhd, Amway (M) Holdings Bhd, Bursa Malaysia Bhd, Kuala Lumpur Kepong Bhd, Sime Darby Bhd and Lafarge Malaysia Bhd.

The actives include Vivocomn Intl Holdings Bhd, Sumatec Resources Bhd, Bumi Armada Bhd, AirAsia X Bhd and KNM Group Bhd.

The top gainers included British American Tobacco (Malaysia) Bhd, Nestle (M) Bhd, Aeon Credit Services (M) Bhd, Fraser & Neave Holdings Bhd, Hong Leong Industries Bhd, Latitude Tree Holdings Bhd and Protasco Bhd.

Asian shares slid from a 5½-month high on Friday as disappointing earnings from US blue chip companies looked set to pour cold water on the rally that took off in March, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4%, a day after it hit its highest level since early November. Japan's Nikkei fell 0.8% from 2½-month high, it said.

Hong Leong IB Research said trading sentiment is likely to turn cautious again today following overnight declines in Dow and oil prices coupled with continued sluggish performance by Shanghai Composite Index.

"Moreover, ahead of the Apr 26–27 FOMC meeting and pending the announcement of Zeti's replacement, the FBM KLCI is expected to see further sideways consolidation, unless the index can convincingly break above the 1,729 zone.

"Today's expected trading range 1,713–1,729," it said.