KLCI dips as Tenaga and Public Bank weigh

TheEdge Tue, Dec 04, 2018 09:12am - 5 years View Original


KUALA LUMPUR (Dec 4): The FBM KLCI dipped in early trade this morning as key index-linked blue chips fell, tracking muted regional markets.

At 9.05am, the FBM KLCI fell 3.94 points to 1,695.78.

The decliners fell Hong Leong Bank Bhd, Tenaga Nasional Bhd, Press Metal Aluminium Holdings Bhd, Padini Holdings Bhd, Enra Group Bhd, Axiata Group Bhd, Westports Holdings Bhd, CIMB Group Holdings Bhd, Public Bank Bhd and Genting Bhd.

Asian stocks are set for a muted open on Tuesday, signaling fading investor applause for the U.S.-China trade truce. A portion of the Treasury yield curve inverted for the first time in more than a decade, according to Bloomberg.

Futures in Japan were little changed and pointed to modest losses in Hong Kong. Australian shares slipped. Earlier, the S&P 500 Index closed higher on the trade news, while the dollar weakened and oil gained. In the Treasury market, three-year yields climbed above five-year ones, showing that traders are pricing in the end of the Federal Reserve’s interest-rate hike campaign. Ten-year yields fell back below 3 percent, it said.

Kenanga IB Research said that yesterday, Asian markets soared after U.S. and China announced a temporary halt in trade tariffs.

It said back home, the FBM KLCI gained 19.86 points (+1.18%) to close at 1,699.72.

It said despite yesterday’s gains, the technical outlook remains fragile for now as the index is still hovering below its key SMAs.

“However, should there be a further positive development, we may review our stance.

“From here, immediate support levels to watch out for are 1,680 (S1) and 1,650 (S2) where a break below would complete what is now a potential descending triangle.

“Should the market sentiment improve from here, key levels of resistance to look for are at 1,740 (R1) and 1,760 (R2),” it said.

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