KLCI remains under selling pressure

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KUALA LUMPUR (Aug 21): The FBM KLCI remained under selling pressure at mid-morning today in line with the fall at regional markets.

At 10am, the FBM KLCI was down 5.76 points to 1,571.65.

The top losers included PPB Group Bhd, Public Bank Bhd, Sime Darby Bhd, Hong Leong Bank Bhd, Malaysian Pacific Industries Bhd, Malayan Banking Bhd, AMM Holdings Bhd, Latitude Tree Holdings Bhd, Pharmaniaga Holdings Bhd, Vitrox Corporation Bhd, Amway (M) Holdings Bhd and Guiness Anchor Bhd.

The actively traded stocks included AirAsia Bhd, Talam Transform Bhd, Frontken Corporation Bhd, Nexgram Holdings Bhd, APFT Bhd and IFCA MSC Bhd.

The gainers included Panasonic Manufacturing Malaysia Bhd, Nestle (M) Bhd, Top Glove Corporation Bhd, V.S. Industry Bhd, Supermax Corporation Bhd and YTL Power International Bhd.

Asian stocks fell early on Friday, following Wall Street, as fears took hold of a China-led deceleration in global growth, according to Reuters.

The dollar continued retreating on shrinking expectations of an U.S. interest rate hike in September, it said.

Hong Leong IB Research said the FBM KLCI is likely to face further selldown today amid negative handover from overnight 2.1% fall, apart from plunging oil prices and lingering domestic concerns.

“Key supports are 1526-1550 while resistances remain near 1605-1631,” it said.