KLCI slips 0.24% as select blue chips weigh, stays below 1,600

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KUALA LUMPUR (Aug 27): The FBM KLCI slipped 0.24% at the midday break today to remain below the 1,600-point level, weighed by select blue chips, against the backdrop of firmer regional markets.

At 12.30pm, the FBM KLCI slipped 3.78 points to 1,596.75. The index had earlier risen to a high of 1,601.40.

Losers edged gainers by 250 to 238, while 510 counters traded unchanged. Volume was 985.34 million shares valued at RM655.52 million.

The decliners included Petronas Gas Bhd, Petronas Dagangan Bhd, Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, Aeon Credit Service (M) Bhd, Kobay Technology Bhd, Kuala Lumpur Kepong Bhd and PPB Group Bhd.

The actives included Priceworth International Bhd, Vsolar Group Bhd, MNC Wireless Bhd, Greatech Technology Bhd, AirAsia X Bhd, KNM Group Bhd and DRB-Hicom Bhd.

The gainers included Nestle (M) Bhd, Heineken Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, Allianz Malaysia Bhd, Cahya Mata Sarawak Bhd, Fraser & Neave Holdings Bhd, Time Dotcom Bhd, UEM Edgenta Bhd and Unisem (M) Bhd.

Most Southeast Asian stocks edged higher on Tuesday as Washington and Beijing struck a conciliatory tone, calming markets that roiled after a fresh round of trade tariffs, while Philippines dropped in catch-up trade, according to Reuters.

Supporting the market mood, US President Donald Trump on Monday hailed positive gestures from China as signs of an imminent trade deal, it said.

Affin Hwang Capital Research said the FBM KLCI Index turned lower in yesterday's session, falling 8.8 points or 0.55%, closing at 1,600.53.

It said the current upmove from the 1,580 immediate support seems to be weak and this may be perceived merely as a brief technical rebound within a prevailing downtrend.

"Downward bias remains.

"Short-term technical rebound in progress. Nonetheless, medium-term downward bias remains," it said.