KLCI retreats in line with wobbly regional markets

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KUALA LUMPUR (Dec 8): The FBM KLCI retreated at mid-morning today in line with the wobbly regional markets.

At 10.05am, the FBM KLCI lost 2.88 points to 1,669.12.

The top losers included British American Tobacco (M) Bhd, Petronas Gas Bhd, Carlsberg Brewery (M) Holdings Bhd, Pos Malaysia Bhd, Dutch Lady Milk Industries Bhd and Guiness Anchor Bhd.

The actives included 1 Utopia Bhd, Instacom Group Bhd, XOX Bhd, Sumatex Resources Bhd, Genetec Technology Bhd, RGB International Bdh and Ho Wah Genting Bhd.

The gainers included Kossan Rubber Industries Bhd, Far East Corporation Bhd, Hwang Capital (Malaysia) Bhd, SHH Resources Holdings Bhd, IJM Plantations Bhd and Malaysian Pacific Industries Bhd.

Asian stock markets teetered near their weakest levels in three weeks on Tuesday, as a rout in oil prices to near seven-year lows knocked global energy company shares and commodity currencies, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 percent, erasing all the gains made so far this month, with resource-heavy Australian shares leading decline with a fall of 0.9 percent, it said.

Hong Leong IB Research said the FBM KLCI is expected to trade rangebound within the 1650-1690 areas as overall sentiment will remain cautious amid sliding oil prices following OPEC decision last Friday and ahead of the widely focused UMNO general assembly this week.

“Weekly resistances are 1677-1690 while supports fall on 1644-1650,” it said.