KLCI sheds 0.21% as Tenaga, blue chips weigh

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KUALA LUMPUR (Nov 22): The FBM KLCI shed 0.21% at mid-morning today, weighed by Tenaga Nasional Bhd and select blue chips.

At 10am, the FBM KLCI fell 3.68 points to 1,691.69.

Losers led gainers by 287 to 162, while 246 counters traded unchanged. Volume was 460.46 million shares valued at RM197.17 million.

The top losers included Nestle (M) Bhd, Pos Malaysia Bhd, KESM Industries Bhd, Tenaga, British American Tobacco (M) Bhd and YSP Southeast Asia Holding Bhd.

The actives included Jaks Resources Bhd, Tatt Giap Group Bhd, Sapura Energy Bhd, Prestariang Bhd, AirAsia X Bhd and Lay Hong Bhd.

The gainers included United Plantations Bhd, Petronas Dagangan Bhd, Amway (M) Holdings Bhd, UOA Development Bhd, PMB Technology Bhd and Kim Loong Resources Bhd.

Asian shares stepped ahead cautiously on Thursday while oil rebounded from a steep sell-off, though rising US interest rates and escalating trade tensions kept financial markets on edge amid signs of slackening global growth, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan tacked on 0.2% and has so far managed to hold up in November after three straight monthly declines. For the year, it is on track for its worst annual performance since 2011, in part due to anxiety over a weakening outlook for corporate profits, it said.

Hong Leong IB Research in a traders' brief said it opines that the volatility could remain over the near term with the unsettled grounds on the trade front and investors will be focusing on the upcoming G20 summit, and the Federal Open Market Committee and OPEC meetings as the outcome of the events will be affecting markets' tone significantly.

"The Dow's resistance and support will be envisaged around 24,135 and 25,113, respectively.

"On the local front, the market sentiment is likely to recover in tandem with Wall Street as most of the tech stocks registered mild gains overnight as well as rebound in crude oil prices could lift the sentiment amongst the oil and gas stocks.

"The FBM KLCI's trading range could be expected within 1,673-1,700," it said.