KLCI stays below 1,600 level despite paring losses considerably

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KUALA LUMPUR (May 14): The FBM KLCI stayed below the crucial 1,600-point level at the midday break despite paring down its losses considerably.

At 12.30pm, the FBM KLCI was down 4.72 points to 1,596.37. The index had slumped to a low of 1,572.03.

Losers led gainers by 403 to 201, while 545 counters traded unchanged. Volume was 1.73 billion shares valued at RM1.15 billion.

The decliners included Petronas Gas Bhd, Carlsberg Brewery Malaysia Bhd, Dutch Lady Milk Industries Bhd, Heineken Malaysia Bhd, Sime Darby Plantation Bhd, Genting Plantations Bhd and Apex Healthcare Bhd.

The actives included Lambo Group Bhd, Ekovest Bhd, Bumi Armada Bhd, My EG Services Bhd, Sapura Energy Bhd, Daya Materials Bhd and Iris Corp Bhd.

The gainers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Public Bank Bhd, Hartalega Holdings Bhd, United Plantations Bhd, Muhibbah Engineering (M) Bhd, Hong Leong Industries Bhd, Digi.Com Bhd, Fraser & Neave Holdings Bhd and Kluang Rubber Company (Malaya) Bhd.

Asian shares deepened losses on Tuesday amid a fresh deterioration in the Sino-US tariff war, although comments from US President Donald Trump that he expected trade negotiations to be successful helped stabilise sentiment, according to Reuters.

China on Monday announced it would impose higher tariffs on US$60 billion of US goods following Washington's decision last week to hike its own levies on US$200 billion in Chinese imports, it said.

Affin Hwang Capital Research said the FBM KLCI Index posted heavy losses in yesterday's trading session, closing 9.18 points or 0.57% lower. The index ended the day at 1,601.09.

"The index extended its losing streak to four days now, dropping almost 40 points in the process.

"Prices are now hovering at the 1,600 key psychological level. A convincing break below the level may probably prompt a continuation in the downwards movement.

"Anticipate the FBMKLCI Index to continue drifting lower amidst souring sentiments," it said.