KLCI struggles to recoup losses, stages marginal recovery

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KUALA LUMPUR (Aug 14): The FBM KLCI struggled to recoup some lost ground in the morning session today amid some choppy trading.

At 12.30pm, the FBM KLCI rose 0.3 points to 1,783.64. The index had earlier slipped to its intra-morning low of 1,778.20.

Gainers edged losers by 303 to 255, while 549 counters traded unchanged. Volume was 1.16 billion shares valued at RM987.79 million.

The top gainers included ViTrox Corp Bhd, British American Tobacco (M) Bhd, Far East Holdings Bhd, Lingkaran Trans Kota Holdings Bhd, Cahya Mata Sarawak Bhd, YSP Southeast Asia Holding Bhd, Dufu Technology Corp Bhd, Hai-O Enterprise Bhd, Mi Equipment Holdings Bhd and Tenaga Nasional Bhd.

The actives included Vivocom International Holdings Bhd, Frontken Corp Bhd, FoundPac Group Bhd, Edaran Bhd, Sapura Energy Bhd, Malaysian Resources Corp Bhd, Fajarbaru Builder Group Bhd and Pecca Group Bhd.

The decliners included Ayer Holdings Bhd, KESM Industries Bhd, Petronas Gas Bhd, MISC Bhd, MSM Malaysia Holdings Bhd, Cycle & Carriage Bintang Bhd, IHH Healthcare Bhd and Westports Holdings Bhd.

Asian share markets fought to regain their footing on Tuesday as tremors from the collapse of the Turkish lira ebbed, though sentiment took a fresh knock when Chinese economic data proved softer than expected, according to Reuters.

Retail sales, industrial output and urban investment all grew by less than forecast in July, a trifecta of disappointment that underlined the need for more policy stimulus in China, it said.

CIMB Retail Research said most regional markets, including the FBM KLCI Index, slipped on Monday as Turkey's deepening economic crisis may spark contagion fears.

"The sentiment of our local market was also dampened by the weakening ringgit against the greenback, which tracked the losses seen across currencies of the global emerging markets.

"In line with our expectations, the key index plunged 22 points or 1.2% yesterday.

"We think that profit taking may persist today as Turkey's crisis may continue to act as a drag on the investor sentiment around the world. Resistance: 1,800 & 1,813. Support: 1,780 & 1,765," it said.