KUALA LUMPUR (Nov 25): The FBM KLCI pared some of its loss at the midday break in line with regional markets, but stayed below the 1,600 level as it remained in consolidation mode.
At 12.30pm, the FBM KLCI was down 2.2 points to 1,594.64. The index had earlier slipped to a low of 1,593.20.
Losers led gainers by 360 to 238, while 505 counters traded unchanged. Volume was 1.53 billion shares valued at RM703.29 million.
The decliners included Carlsberg Brewery Malaysia Bhd, Aeon Credit Service (M) Bhd, Nestle (M) Bhd, Heineken Malaysia Bhd, Allianz Malaysia Bhd, Dayang Enterprise Holdings Bhd, Petronas Gas Bhd, Ayer Holdings Bhd and Fraser & Neave Holdings Bhd.
The actives included Eduspec Holdings Bhd, Bumi Armada Bhd, Ekovest Bhd, Sapura Energy Bhd, EA Holdings Bhd and Perdana Petroleum Bhd.
The gainers include Master-Pack Group Bhd, Chin Teck Plantations Bhd, Hong Leong Industries Bhd, KESM Industries Bhd, United Plantations Bhd, MBM Resources Bhd and IGB Bhd.
Reuters reported that Asian shares staged a cautious rally on Monday as investors dared to hope for some progress in the endless Sino-US trade dispute, while the outperformance of recent US economic data gave the US dollar a leg up on its peers.
MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.7%, after losing 0.4% last week, it said.
Affin Hwang Capital Research said the FBM KLCI closed higher at 1,596.84 on Friday, up by only 2.09 points from previous week's close of 1,594.75.
It said after retesting immediate resistance at 1,615 level and failed, the FBM KLCI has gradually retraced to below 1,600 level.
"Immediate support level is seen at 1,594 which is equivalent to EMA50 days (50-day exponential moving average). A breach of this support [is] likely to put the index under pressure to slide further.
"Also note that downward bias for the FBM KLCI and market as a whole [is] anticipated to escalate as bearish market participants seem very eager to sell whenever market rebounded.
"Short-term consolidation in progress," it said.