Friday 29 Mar 2024
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KUALA LUMPUR (Aug 6): The FBM KLCI retreated at the midday break today, weighed by select blue chips as the local index showed some indications of a short-term consolidation.

At 12.30pm, the FBM KLCI was down 1.55 points to 1,778.54.

Decliners led advancers by 321 to 237, while 526 counters traded unchanged. Volume was 1.13 billion shares valued at RM650.40 million.

The top losers included United Plantations Bhd, Hong Leong Industries Bhd, Petronas Gas Bhd, Hong Leong Financial Group Bhd, Gamuda Bhd, Time dotCom Bhd, Kuala Lumpur Kepong Bhd, IHH Healthcare Bhd, Kumpulan Perangsan Selangor Bhd (KPS) and Maxis Bhd.

The actives included Vivocom International Holdings Bhd, Frontken Corp Bhd, Key Asic Bhd, RGB International Bhd, My E.G. Services Bhd, Eden Inc Bhd, KPS, UCrest Bhd and Sapura Energy Bhd.

The gainers included Nestle (M) Bhd, Heineken Malaysia Bhd, Chin Teck Plantations Bhd, ViTrox Corp Bhd, KESM Industries Bhd, Aeon Credit Service (M) Bhd, Top Glove Corp Bhd and MISC Bhd.

Stocks across Asia advanced on Monday as China's efforts to stop sharp declines in its currency and capital flight supported wider sentiment in the region, although the escalating Sino-US trade conflict has capped gains, according to Reuters.

Late on Friday, the People's Bank of China raised the reserve requirement on some foreign exchange forward positions, making it more expensive to bet against the Chinese currency and helping pull the yuan away from 14-month lows, it said.

Kenanga IB Research said Asian market ended mixed last Friday while waiting for the release of the US job report.

It said amid the escalating trade tension between the two largest economies, the Shanghai Composite Index fell 4.6% week-on-week (w-o-w).

The research house said the FBM KLCI gained marginally by 1.96 points (+0.11%) to close at 1,780.09, posing a w-o-w gain of 0.5%.

"Stochastic indicators had been in the overbought territory without any correction over the past two weeks. From here, we think that a short-term consolidation could be necessary before a continuation of its underlying rally.

"Possible sell-down that may see the index fall to its support levels at 1,750 (S1) and 1,720 (S2)," it said.

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