KUALA LUMPUR:  The overnight decline on Wall Street pushed the FBM KLCI deeper into the red early Friday with the broader market turning more cautious but the firmer crude oil prices could support oil and gas stocks.

At 9.10am, the FBM KLCI was down 8.42 points or 0.47% to 1,781.69. Turnover was 146.23 million valued at RM68.61mil. Decliners beat advancers 258 to 70 while 162 counters were unchanged.

Kenanga Research said chart-wise, the KLCI had broken below the 50-day SMA on Thursday which “we believe there might be more short-term downward movement”. 

Nonetheless, it expects the index to hold at support levels of 1,780 (S1) and 1,765 (S2), close to its 100-day SMA, which has proven to be act as a fairly resilient support. 

“Once sentiment turns better, the index may then see resistances found at 1,825 (R1) and 1,865 (R2),” it said.

Stock market data showed foreign funds were net buyers on Thursday at RM73mil and local retail investors at RM4.1mil but local institutions were net sellers at RM77.1mil.

Oil prices rose on Friday, lifted by looming US sanctions against Iran's crude exports that are set to start next month.

Brent crude oil futures were at US$84.94 per barrel at 0008 GMT, up 36 cents, or 0.4% from their last close. US West Texas Intermediate (WTI) crude futures were up 41 cents, or 0.6%, at US$77.74 a barrel.

At Bursa, among the consumer stocks, F&N fell 50 sen to RM37.42 while Nestle lost 30 sen to RM146.10 and suger refiner MSM lost 14 sen to RM3.50.

Glove makers fell after Kenanga Research retained its underweight call due to the rich price-to-earnings ratio (PER) valuations and flat sequential earnings growth. Top Glove fell 14 sen to RM10.64 and Hartalega 12 sen lower at RM6.30.

KL Kepong was down 14 sen to RM24.88.

While Petronas Gas and Hengyuan lost 12 sen each to RM18.86 and RM6.58, Petronas Dagangan climbed 18 sen to RM26.48.

Eon Metall rose six sen to 56 sen and Alcom 5.5 sen to 87.5 sen.