KLCI pares loss, stays in negative zone in line with region

TheEdge Mon, Jul 08, 2019 01:00pm - 4 years View Original


KUALA LUMPUR (July 8): The FBM KLCI pared some of its loss at the midday break today, but stayed in the negative zone in line with the region.

At 12.30pm, the FBM KLCI was down 4.99 points to 1,677.54. The index had earlier fallen to a low of 1,672.88.

Losers led gainers by 425 to 140, while 499 counters traded unchanged. Volume was 1.37 billion shares valued at RM805.31 million.

The top losers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Ajinomoto (M) Bhd, Petronas Gas Bhd, Bursa Malaysia Bhd, Amway (M) Holdings Bhd, IHH Healthcare Bhd and Hap Seng Consolidated Bhd.

The actives included Ekovest Bhd, Sumatec Resources Bhd, Iskandar Waterfront City Bhd, KNM Group Bhd, Sapura Energy Bhd, Kim Hin Joo (M) Bhd and PUC Bhd.

The gainers included Chin Teck Plantations Bhd, British American Tobacco (M) Bhd, Time Dotcom Bhd, KESM Industries Bhd, Tenaga Nasional Bhd, Mega First Corp Bhd, Yinson Holdings Bhd and Pestech International Bhd.

Asian shares fell on Monday after strong US jobs data tempered expectations for a Federal Reserve rate cut, while the Turkish lira hovered near two-week lows on worries about central bank independence, according to Reuters.

Share sentiment was also dampened by US investment bank Morgan Stanley's decision to reduce its exposure to global equities due to misgivings about the ability of policy easings to offset weaker economic data, it said.

Kenanga IB Research said Asian stock markets ended lower, as investors looked ahead to American employment data and US-China trade talks details.

It said that back home, the FBM KLCI slipped 4.95 points or 0.29% to close at 1,682.53 on July 5, narrowing week-on-week gain to 0.62%.

"Chart-wise, the index has broken above its previous swing high of 1,682.23 after a short a consolidation phase.

"We believe the underlying trend remains bullish as the index remains above its key SMAs (simple moving averages).

"From here, resistances can be found at 1,700 (R1). A break above should see the index trend higher towards 1,730 (R2)," it said.

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