KUALA LUMPUR (March 7): The FBM KLCI trended lower this morning, against the backdrop of mixed regional markets, as key momentum indicators stayed bearish for the local index.
At 9.05am, the FBM KLCI shed 2.12 points to 1,684.70.
The decliners included British American Tobacco (M) Bhd, Petronas Dagangan Bhd, Fraser & Neave Holdings Bhd, Petronas Gas Bhd, MISC Bhd, Malaysia Airports Holdings Bhd, Public Bank Bhd, ViTrox Corp Bhd and Magnum Bhd.
Asian stocks were mixed Thursday as global growth concerns resurfaced and U.S. equities fell back. The dollar steadied after six days of gains and the yen edged higher, according to Bloomberg.
Shares in Japan and South Korea dropped, while Australian equities eked out gains. The S&P 500 Index fell for a third day after reports showed the U.S. trade deficit widened in 2018 to a 10-year high and private companies added fewer employees than analysts forecast last month. Oil fell after a bigger-than-expected buildup in U.S. crude stockpiles reignited supply concerns. Treasury yields ticked lower, it said.
Kenanga IB Research said Asian stocks were mixed as investors awaited details on progress in the US-China trade negotiations.
It said back-home, the FBM KLCI gained 1.20 points or 0.07% to close at 1,686.82.
“Overall, the technical outlook appears lacklustre at the moment as key momentum indicators are bearish.
“The index is likely to trend lower to its support level at 1,670 (S1) and even 1,630 (S2). Should the trade war end, the index may test its immediate resistance at 1,730 (R1) and even 1,780 (R2),” it said.