KUALA LUMPUR (Oct 18): The FBM KLCI trended lower in line with cautious regional markets ahead of economic data coming out of China.
At 9,05am, the FBM KLCI shed 1.25 points to 1,573.25.
The early losers included Malaysia Airports Holdings Bhd, British American Tobacco (M) Bhd, Hong Leong Financial Group Bhd, Heineken Malaysia Bhd, Tenaga Nasional Bhd, My EG Services Bhd, Petronas Chemicals Group Bhd and AMMB Holdings Bhd.
Asian stocks looked set for a cautious start Friday ahead of a slew of economic data coming from China. U.S. equities posted modest gains amid mostly positive earnings reports, according to Bloomberg.
Shares in Sydney dipped, while equity futures edged up in Tokyo and were flat in Hong Kong. The S&P 500 Index fluctuated for most of Thursday around the 3,000 level, as Morgan Stanley became the latest big bank to defy expectations for weak growth. Doubts over whether a Brexit deal can win approval whipsawed the pound. Treasuries edged lower and the dollar declined, it said.
CGS-CIMB Retail Research said the KLCI saw mild profit taking yesterday on the lack of market-moving news.
“Today, we think that the index is likely to remain lacklustre as it gets closer to the falling 30-day and 50-day EMAs.
“Further bounce (if it occurs) may be capped as the long term trend for FBMKLCI is still down as indicated by the lower lows and lower highs sequence since the April 2018 high of 1,896. Resistance: 1,580 & 1,600. Support: 1,548 & 1,500,” it said.