KLCI falls 0.95% as regional markets stumble

TheEdge Mon, Mar 25, 2019 09:10am - 5 years View Original


KUALA LUMPUR (March 25): The FBM KLCI opened lower this morning and tracked the losses at regional markets, falling 0.95% as index-linked key blue chips lost ground.

At 9.05am, the FBM KLCI lost 15.68 points to 1,650.98.

The top losers included British American Tobacco (M) Bhd, Fraser & Neave Holdings Bhd, Petronas Gas Bhd, Genting Plantations Bdh, Superlon Holdings Bhd, Malaysia Airport Holdings Bhd, Hong Leong Bank Bhd, Maxis Bhd and UMW Holdings Bhd.

Stocks in Asia tracked heavy losses in U.S. equities as bond yields continued to march lower amid concerns that momentum is slowing in the global economy, according to Bloomberg.

The risk-off tone that built on Friday extended into Asia early Monday, as indexes of shares in South Korea, Japan and Australian fell more than 1 percent. Australia’s 10-year bond yield hit an all-time low after the yield on Germany’s 10-year bonds tumbled below zero and a closely watched gauge of Treasuries inverted for the first time since 2007, underscoring the return to globally low long-term rates. The dollar edged higher, it said.

Kenanga IB Research said Asian markets closed mixed on last Friday after a turbulent week as investors continue to digest the effects of Federal Reserve’s dovish stance.  Back home, the FBMKLCI gained merely 3.00 points (+0.18%) to close at 1,666.66, still recording a WoW loss of 0.8%. Overall, the technical outlook still lacks any positive signal as key momentum indicators remain lacklustre. Should the index break above the 1,700 (R1) resistance level, the technical outlook would turn favorable with next resistance identified at 1,730 (R2). Conversely, downside supports can be found at 1,650 (S1) and 1,630 (S2).

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

AIRPORT 9.970
BAT 8.090
F&N 29.320
GENP 6.150
GENTING 4.720
HLBANK 19.400
KENANGA 1.150
MAXIS 3.380
PETGAS 17.680
SUPERLN 0.985
UMW 4.970

Comments

Login to comment.