Select blue chips keep index in the red, stays above 1,600 level

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KUALA LUMPUR (Sept 11): The FBM KLCI remained in negative territory at the midday break today while the index defended its 1,600-point level as select index-linked blue chips weighed the local index lower.

At 12.30pm, the FBM KLCI fell 8.16 points to 1,605.86.

The top losers included British American Tobacco (M) Bhd, United Plantations Bhd, Public Bank Bhd, Genting Bhd, Hong Leong Bank Bhd, Hong Leong Financial Group Bhd, RHB Capital Bhd, Malayan Banking Bhd, Kuala Lumpur Kepong Bhd and Berjaya Auto Bhd.

The actively traded stocks included Sumatec Resources Bhd, UEM Sunrise Bhd, AirAsia Bhd, Frontken Corporation Bhd, KNM Group Bhd, Perisai Petroleum Teknologi Bhd, Bumi Armada Bhd, Iris Corporation Bhd and PDZ Holdings Bhd.

The gainers included Far East Corporation Bhd, Panasonic Malaysia Manufacturing Bhd, MISC Bhd, Lii Hen Industries Bhd, Negri Sembilan Oil Palms Bhd, Guiness Anchor Bhd and Pos Malaysia Bhd.

Asian shares rose on Friday following gains on Wall Street, while the dollar firmed after facing pressure from a rise in the yuan, but gains were capped by uncertainty over whether the Federal Reserve will raise interest rates next week, accodring to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.8 percent, and on track to rise more than 3 percent for the week, it said.

BIMB Securities Research said the Dow Jones Industrial Average gained 76.83 points, or 0.5%, to 16,330.40 as a jump in oil prices helped lift the overall market, but uncertainty ahead of the Federal Reserve’s two-day policy meeting next week made for volatile trade and kept a lid on gains.

Locally, it said the FBM KLCI closed up 10.66 points or 0.66% to 1,614.02 as late buying of Genting Bhd and selected index stocks pushed the FBM KLCI up more than 10 points.

“We expect market to continue its bearish trend lower on unfavourable sentiment with immediate support at 1600,” it said.