KLCI pares loss, dips 0.13% on regional weakness

TheEdge Fri, Nov 23, 2018 01:09pm - 2 years ago

KUALA LUMPUR (Nov 23): The FBM KLCI pared some of its loss at the midday break and was down 0.13% in line with regional weakness.

At 12.30pm, the FBM KLCI shed 2.15 points to 1,693.47. The index had earlier slipped to its intra-morning low of 1,689.14.

Losers led gainers by 508 to 184, while 271 counters traded unchanged. Volume was 821.68 million shares valued at RM486.87 million.

The decliners included KESM Industries Bhd, Fraser & Neave Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Malaysian Pacific Industries Bhd, Lii Hen Industries Bhd, ViTrox Corp Bhd, Pentamaster Corp Bhd and Pos Malaysia Bhd.

The actives included Hibiscus Petroleum Bhd, Sanichi Technology Bhd, Permaju Industries Bhd, Tiger Synergy Bhd, My EG Services Bhd, Sumatec Resources Bhd and Sapura Energy Bhd.

The gainers included Allianz Malaysia Bhd, Muda Holdings Bhd, Heineken Malaysia Bhd, UMW Holdings Bhd, MBM Resources Bhd, Fima Corp Bhd and Carlsberg Brewery Malaysia Bhd.

Asian shares slipped on Friday as trade tensions continued to hurt sentiment, while weak corporate earnings in Europe added to worries about global growth and outweighed hopes for progress in Brexit negotiations, according to Reuters.

With US markets closed overnight for Thanksgiving and Japan on holiday on Friday, trading activity was muted. Regional indicators turned lower after China's markets opened, it said.

Affin Hwang Capital Research said the FBM KLCI Index was anticipated to trade cautiously within a tight range of between 1,730 and 1,670.

It said sentiment remained sluggish due to external factors — trade war issues, slower next year growth and rising rates.

"Local stocks are expected to consolidate further with the FBM KLCI key support level anticipated to be around 1,650.

"Despite present weakness in the market, we opined that investors should capitalise the situation by accumulating quality stocks. In addition, market participants also anticipate a potentially interesting year-end window dressing in the global markets, which may offer an opportunity for short-term trading play," the research house said.

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