KLCI tracks regional losses, falls 0.67% as Public Bank & Tenaga drag

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KUALA LUMPUR (Nov 13): The FBM KLCI lost 0.67% in early trade this morning, tracking the stumble at most regional markets, with losses including at Public Bank and Tenaga Nasional.

At 9.05am, the FBM KLCI lost 11.24 points to 1,684.90.

The top losers included Heineken Malaysia Bhd, KESM Industries Bhd, Carlsberg Brewery Malaysia Bhd, Public Bank Bhd, Malaysian Pacific Industries Bhd, Tenaga Nasiona Bdh, Allianz Malaysia Bhd and United Plantations Bhd.

Asian shares stumbled on Tuesday after a rout in tech stocks inflicted a hefty sell-off on Wall Street, while the dollar hit a 16-month peak on safe haven bets amid political risks in Europe and acrimonious Sino-U.S. trade relations, according to Reuters,

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 percent to a 1-1/2 week trough, with Australian and New Zealand shares opening sharply lower, it said.

CIMB Retail Research said concerns over rising rates and slowing global growth dragged down the performance of regional markets on Monday, which in turn triggered a slide on Bursa Malaysia.

It said the local bourse was down 11.95 points or 0.7%, adding that the overall trend for the index remains down given the series of lower highs and lower lows formation.

“We still expect the market to at least retest the 1,670 low or break it in due time.

“The 1,658-1,663 levels are the next support but lower support levels may be tested as well. Resistance: 1,726 & 1,741. Supports: 1,670 & 1,658,” it said.