KLCI stays tepid, trades within tight range

KLCI stays tepid, trades within tight range

KLCI stays tepid, trades within tight range

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KUALA LUMPUR (Oct 18): The FBM KLCI remained tepid at mid-morning Friday against the backdrop of firmer regional markets, trading within a tight band.

At 10am, the FBM KLCI shed 0.68 points to 1,573.82.

Losers led gainers by 216 to 211, while 306 counters traded uncahnged. Volume was 726.38 million shares valued at RM328.26 million.

The decliners included British American Tobacco (M) Bhd, Amway Holdings (M) Bhd, Genting Plantations Bhd, Hong Leong Financia l Group Bhd, Malaysia Airports Holdings Bhd, Carlsberg Brewery Malaysia Bhd and Aeon Credit Service (M) Bhd.

The actives included Green Packet Bhd, KNM Group Bhd, My EG Services Bhd. MNC Wireless Bhd, Bumi Armada Bhd, Sapura Energy Bhd and MTAG Group Bhd.

The gainers included Nestle (M) Bhd, Petronas Dagangan Bhd, Guan Chong Bhd, Malaysian Pacific Industries Bhd, Heineken Malaysia Bhd, Can-One Bhd, Globetronics Technology Bdh and Unisem (M) Bhd.

Asian stocks edged higher on Friday, tracking the global lift in sentiment after the UK and the European Union struck a long-awaited Brexit deal, but concern about the Chinese economy is likely to cap gains with data expected to show weaker growth, according to Reuters.

Sterling, which had enjoyed its biggest rising streak since October 1985 and hit a five-month high on the back of the Brexit deal, gave up ground on Friday morning amid doubts that the agreement would receive parliamentary approval. The pound eased 0.18% to buy $1.2865, it said.

Kenanga IB Research said Asian stocks closed mixed yesterday following news report that US-China trade deal needs more time.

It said back home, the FBMKLCI slipped 0.40 points or 0.03% to close at 1,574.50.

“Chart-wise, the underlying trend remains bearish as the index is trading below all the key SMAs.

“However we believe the index is currently undergoing a rebound rally, as highlighted in our piece on Tuesday.

“Support levels can be identified at 1,550 (S1) and 1,510 (S2), while overhead resistance levels can be found at 1,630 (R1) and 1,650 (R2),” it said.