KLCI slips in line with sluggish regional markets

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KUALA LUMPUR (Dec 10): The FBM KLCI slipped at mid-morning today in line with the retreat at most regional markets.

At 10.01am, the FBM KLCI shed 2.59 points to 1,656.77.

The top losers included British American Tobacco (M) Bhd, Public Bank Bhd, Petronas Gas Bhd, Genting Plantations Bhd, Red Sena Bhd, Hong Leong Financial Group Bhd, Telekom Malaysia Bhd, Sime Darby Bhd and Batu Kawan Bhd.

The top actives included Red Sena, 1 Utopia Bhd, Sanichi Technology Bhd, Instacom Group Bhd, XOX Bhd, RGB International Bhd and Frontken Corporation Bhd.

The gainers included Top Glove Corporation Bhd, United Plantations Bhd, PPB Group Bhd, Oriental Interest Bhd, Can-One Bhd, Minho (M) Bhd and Dolomite Corporation Bhd.

Asian stocks slipped on Thursday as weak oil prices continued to feed global growth worries, while the euro held solid gains after a policymaker poured cold water on market expectations of more easing by the European Central Bank, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.2%, it said.

Hong Leong IB Research said that today, the local bourse is likely to test its immediate support at 1,651 as overall sentiment remains more cautious amid weaker global stock market performance, sliding oil prices and ahead of the upcoming FOMC meeting on Dec 15-16.

"A fall below 1,651 will witness local bourse to retest lower supports of 1,644 (Nov 16 low) and 1,615.

"Key resistances are 1,674, 1,688 and 1,700 zones," it said.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)