KLCI pares gains as  sentiment remains nervy

TheEdge Mon, Aug 14, 2017 01:12pm - 6 years View Original


KUALA LUMPUR (Aug 14): The FBM KLCI pared some of its gains at the midday break today, as sentiment at the local market remained nervy.

At 12.30pm, the FBM KLCI rose 3.56 points to 1,770.52. The index had earlier risen to its intra-morning high of 1,771.50.

Gainers led losers by 297 to 285, while 445 counters traded unchanged. Volume was 651.09 million shares, valued at RM569.36 million.

The top gainers included KESM Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Malaysian Pacific Industries Bhd, Hong Leong Financial Group Bhd, Aeon Credit Service (M) Bhd, Ajinomoto (M) Bhd, Fraser & Neave Holdings Bhd, Malaysia Airports Holdings Bhd and UEM Edgenta Bhd.

The actives included Dagang NeXchange Bhd, Compugates Holdings Bhd, Mlabs Systems Bhd, Frontken Corp Bhd, Hubline Bhd, mTouche Technology Bhd, JAG Bhd and Bioalpha Holdings Bhd.

The losers included Batu Kawan Bhd, Success Transformer Corp Bhd, MB World Group Bhd, Borneo Aqua Harvest Bhd, MSM Malaysia Holdings Bhd, LTKM Bhd, Kuala Lumpur Kepong Bhd and Top Glove Corporation Bhd.

Asian stocks bounced on Monday after three losing sessions, tracking a firmer Wall Street, while the dollar was weighed down by tensions on the Korean peninsula and weak U.S. inflation data which dampened prospects of another Federal Reserve interest rate hike later this year, according to Reuters.

Overall reaction was subdued to Monday's Chinese data, which were generally weaker than forecast, and reinforced views that the world's second-largest economy is starting to lose a bit of steam, as lending costs rise and the property market cools, Reuters said.

Kenanga IB Research said Asian equity markets stayed in the red last Friday, after a week-long US-North Korea spat.

It said the local bourse was no exception, with the FBM KCLI closing 10.81 points or 0.61% lower at 1,766.96.

The research house said broader market sentiment was negative, with 826 losers ahead of 148 gainers, while 289 counters traded unchanged.

It said from the chart, the FBM KLCI experienced a sharp slide, shortly after the opening bell, before hovering sideways in the red for the rest of the trading session.

“This sell-off by investors followed after days of uncertainties in market direction. 

“Indicator-wise, the RSI and Stochastic have both crossed below the 50-point mark, potentially signalling a near-term bias to the downside.

“Immediate support levels to watch are 1,764 (S1) and 1,750 (S2) where some bargain hunting is expected, although a break below 1,750 would be highly negative. Overhead support levels are 1,783 (R1) and 1,789 (R2),” Kenanga IB Research said.

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