Friday 26 Apr 2024
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KUALA LUMPUR (May 10): The FBM KLCI shed 0.31% at the midday break today, in line with the regional markets, extending its downward consolidation.

At 12.30pm, the FBM KLCI was down 5.03 points to 1,613.50.

Losers led gainers by 384 to 282, while 1,244 counters were unchanged. Volume was 1.44 billion shares valued at RM872.57 million.

The top losers included Nestle (M) Bhd, Hong Leong Bank Bhd, Fraser & Neave Holdings Bhd, SAM Engineering & Equipment (M) Bhd, Ajinomoto (M) Bhd, Kuala Lumpur Kepong Bhd, Padini Holdings Bhd, Scientex Bhd, IOI Corp Bhd and Latitude Tree Holdings Bhd.

The actives included Bumi Armada Bhd, MQ Technology Bhd, Ekovest Bhd, Lambo Group Bhd, Sapura Energy Bhd, Tiger Synergy Bhd and Impiana Hotels Bhd.

The gainers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Carlsberg Brewery Malaysia Bhd, Genting Plantations Bhd, Country View Bhd, Amway (M) Holdings Bhd, Alliance Bank Malaysia Bhd, Ta Ann Holdings Bhd and Sarawak Plantations Bhd.

US stock futures turned negative and Asian shares pared gains on Friday as global investors waited nervously to see if Washington would suspend its plan to raise tariffs on Chinese imports at midday, according to Reuters.

The White House said the two sides would resume negotiations on Friday morning in Washington after concluding the first of two days of talks on Thursday to rescue a trade deal that is close to collapsing, it said.

Affin Hwang Capital Research said the FBM KLCI Index posted heavy losses in yesterday's trading session, dropping 15.02 points or 0.92%, closing at 1,618.53.

"The temporary consolidation period perceived to have completed as the index is now reversing lower from the 20-day EMA (exponential moving average). The EMA20d has established itself as a resistance zone with prices unable to break above it.

"Note that the index is now approaching the 1,610-1,615 key support.

"Anticipate the FBM KLCI Index to consolidate sideways with downward bias," it said.

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