KUALA LUMPUR (Dec 11): The FBM KLCI reversed its earlier gains and slipped at mid-morning today, weighed by losses at blue chips including Tenaga Nasional Bhd.
At 10am, the FBM KLCI fell 2.42 points to 1,646.23.
The top losers included Batu Kawan Bhd, UMW Holdings Bhd, Dutch Lady Milk Industries Bhd, KESM Industries Bhd, Hong Leong Industries Bhd, Tan Chong Motor Holdings Bhd, Tenaga Nasional Bhd and Cahya Mata Sarawak Bhd.
The actives included Red Sena Bhd, Instacom Group Bhd, Eden Inc Bhd, XOX Bhd, Frontken Corporation Bhd, Halex Holdings Bhd and KNM Group Bhd.
The gainers included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Oriental Interest Bhd, Malaysia Airports Holdings Bhd, PPB Group Bhd, Top Glove Corporation Bhd, KLCC Property Holdings Bhd and Felda Global Ventures Holdings Bhd.
Asian shares edged higher on Friday but remained on track for a weekly loss as lower crude prices kept markets on edge after a broad rout in commodities heightened fears about receding global growth, according to Reuters.
A supply glut in oil markets, cooling growth in the world's biggest commodities consumer China and prospects of an interest rate increase in the United States next week have made for a tense trading backdrop across most asset markets, it said.
Hong Leong IB Research said the local market outlook for Friday remains in the red territory as the ringgit is still dragged down by the strong US dollar and lower oil prices and yesterday's black candlestick with a widening Bollinger band depicted more selling pressure in the immediate term.
"As such, we expect local key index to break below 1,644 (Nov 16 low) today and attempt to test 50% FR level at 1,615.
"Key resistances are 1,660 and 1,674," it said.
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