KLCI slips into the red, telcos weigh

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KUALA LUMPUR (Feb 11): The FBM KLCI slipped into the red at mid-morning today, weighed by losses at select blue chips led by telcos.

At 10am, the FBM KLCI fell 4.33 points to 1,640.08.

The top losers included Ajinomoto (Malaysia) Bhd, Concrete Engineeering Product Holding Bhd, Petronas Gas Bhd, Axiata Group Bhd, Felda Global Ventures Holdings Bhd, Malayan Banking Bhd, MISC Bhd,Maxis Bhd and DiGi.Com Bhd.

The actively traded stocks included Berjaya Corporation Bhd, Tiger Synergy Bhd, XOX Bhd, Borneo Oil Bhd, Genetec Technology Bhd and AirAsia X Bhd.

The gainers included Malaysia Airports Holdings Bhd, Petronas Dangangan Bhd, Scientex Bhd, Petron Malaysia Refining & Marketing Bhd, Guiness Anchor Bhd, Fraser & Neave Holdings Bhd and Sime Darby Bhd.

Asian shares sputtered on Thursday as U.S. Federal Reserve Chair Janet Yellen's tone of guarded optimism led to an indecisive finish for Wall Street and further weakness for the dollar, according to Reuters.

While European banks found a moment of stability, a renewed rush to the safety of longer-term U.S. Treasury debt suggested the flight from risk was far from over, it said.

Hong Leong IB Research said following a sharp fall yesterday, near term technical outlook has turned mildly negative with potential downside risks towards immediate support of 1622 (15 Dec low) today.

“Overall, the FBM KLCI is likely to trap in short term consolidation given the external headwinds, unless it can swiftly reclaim above the immediate resistances of 30-d (1648) and 50-d (1653) SMAs for a resumption of relief rally from 1600 (21 Jan low),” it said.