KLCI drifts lower, Maybank leads dip

TheEdge Wed, Jan 30, 2019 09:16am - 5 years View Original


KUALA LUMPUR (Jan 30): The FBM KLCI drifted lower in early trade this morning, weighed by select blue chips, led by Malayan Banking Bhd.

At 9.05am, the FBM KLCI shed 0.24 points to 1,690.17.

The early decliners included Kuala Lumpur Kepong Bhd, Yinson Holdings Bhd, Malaysia Airports Holdings Bhd, IHH Healthcare Bhd, Lafarge Malaysia Bhd, Bursa Malaysia Bhd, QL Resources Bhd, Maybank, Padini Holdings Bhd and Ann Joo  Resources Bhd.

U.S. stock futures and Asian equities eked out modest gains on Wednesday as investors seized on Apple Inc's earnings and comments from its chief that U.S.-China trade tensions were easing, sending the iPhone maker's shares soaring in after-hours trade, according to Reuters.

Sterling smarted from a 0.7 percent fall the previous day after British lawmakers rejected most amendments that sought to avoid Britain leaving the European Union without a deal, reviving worries of a chaotic withdrawal from the European Union, it said.

Kenanga IB Research said Asian stock markets mostly closed lower following U.S. loss on Monday night as investors also remain cautious after U.S. charged China’s Huawei ahead of the trade talk.

The research house said the local benchmark index slipped another 7.09 points (-0.42%) to close at 1,690.41.

“We maintain our neutral outlook on the index as the index is still above the 20 and 50-day SMAs but the stochastic indicator is in the overbought zone.

“Should the trade talk turn out favourable, continuous positive momentum may see it trending higher to resistance levels at 1,730 (R1) and 1,800 (R2) possibly.

“Conversely, support levels can be identified at 1,650 (S1) and 1,600 (S2) further down,” it said.

 

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