KUALA LUMPUR (Oct 10): The FBM KLCI reversed its loss at mid-morning as gains in Tenaga Nasional Bhd and select index-linked blue chips lifted it, but gains were seen capped ahead of the tabling of Budget 2020 on Friday.
At 10am, the FBM KLCI gained 1.27 points to 1,552.50. The index had earlier slipped to a low of 1,549.20.
Losers edged gainers by 214 to 211, while 280 counters traded unchanged. Volume was 592.52 million shares valued at RM223.09 million.
The gainers included Aeon Credit Service (M) Bhd, Sarawak Oil Palms Bhd, MISC Bhd, PPB Group Bhd, Lingkaran Trans Kota Holdings Bhd, KESM Industries Bhd, Tenaga Nasional Bhd and Kuala Lumpur Kepong Bhd.
The actives included NetX Holdings Bhd, JAKS Resources Bhd, Eduspec Holdings Bhd, MTAG Group Bhd, Bumi Armada Bhd and Seacera Group Bhd.
The decliners included Petronas Dagangan Bhd, Allianz Malaysia Bhd, Latitude Tree Holdings Bhd, Magni-Tech Industries Bhd, Petronas Chemicals Group Bhd, IHH Healthcare Bhd and PRG Holdings Bhd.
Global stocks tumbled and the safe haven yen and Swiss franc gained in early Asian trade on Thursday, on signs Washington and Beijing were still wide apart on trade issues and were making no progress in deputy-level talks, according to Reuters.
The South China Morning Post (SCMP) reported the Chinese delegation, headed by Vice Premier Liu He, was planning to leave Washington after just a day of minister-level meetings, instead of as originally planned on Friday, it said.
Kenanga IB Research said Asian stocks were mixed yesterday as investors were uncertain with the trade talk due to commence later this week.
It said back home, the FBM KLCI closed marginally lower by 7.56 points (-0.48%) to end at 1,551.23.
"Chart-wise, underlying trend remains bearish as the index is trading below all the key SMAs (simple moving averages) coupled.
"However, given the steep decline last week and new oversold levels in RSI (relative strength index), we do not discount the possibility of a rebound rally.
"Key support levels to watch out for are 1,550 (S1) and 1,510 (S2). Conversely, overhead resistance levels can be found at 1,630 (R1) and 1,650 (R2)," it said.