KUALA LUMPUR (Oct 7): The FBM KLCI remained lacklustre at mid-morning and on track to end the day below the 1,600-point level given bearish sentiment at the local bourse.
At 10am, the FBM KLCI rose 1.78 points to 1,559.45.
Gainers led losers by 244 to 188, while 316 counters traded unchanged. Volume was 519.52 million shares valued at RM232.33 million.
The gainers included Allianz Malaysia Bhd, Malaysian Pacific Industries Bhd, KESM Industries Bhd, Unisem (M) Bhd, Tenaga Nasional Bhd, Kluang Rubber Company (Malaya) Bhd, Magni-Tech Industries Bhd, Guan Chong Bhd and Syarikat Takaful Malaysia Keluarga Bhd.
The actives included SDS Group Bhd, Sumatec Resources Bhd, Green Packet Bhd, Sapura Energy Bhd, Elsoft Research Bhd, Bumi Armada Bhd, Kronologi Asia Bhd and Uzma Bhd.
The decliners included Petronas Dagangan Bhd, Heineken Malaysia Bhd, Ayer Holdings Bhd, Amway (M) Holdings Bhd, Petronas Chemicals Group Bhd, Petron Malaysia Refining & Marketing Bhd and Hong Leong Bank Bhd.
Asian shares edged higher on Monday after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.25%. Japan's Nikkei stock index rose 0.29%, while Australian shares were up 0.48%, it said.
Kenanga IB Research said Asian markets mostly ended lower last Friday as investors worried on potential economic recession trigged by weakening economic growth and escalating trade tension.
It said back home, the FBM KLCI was down by 6.45 points (-0.41%) to close at 1,557.67.
"Chart-wise, the index is trading below all the key SMAs (simple moving averages) coupled with negative MACD (moving average convergence divergence) indicator, hence we opine that bearish sentiment remains intact until further signal warrants a trend reversal.
"Key support levels to watch out for are 1,550 (S1) and 1,510 (S2). Conversely, overhead resistance levels can be found at 1,630 (R1) and 1,650 (R2)," it said.