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KLCI retreats as Public Bank drags

TheEdge Thu, Jul 25, 2019 10:17am - 1 month ago


KUALA LUMPUR (July 25): The FBM KLCI retreated at mid-morning today, dragged by select index-linked stocks including Public Bank Bhd.

At 10am, the FBM KLCI shed 0.81 points to 1,651.60. The index had earlier risen to a high of 1,654.41.

The losers led gainers by 275 to 182, while 346 counters traded unchanged. Volume was 678.78 million shares valued at RM326.47 million.

The decliners included Telekom Malaysia Bhd, Latitude Tree Holdings Bhd, Public Bank Bhd, Hong Leong Industries Bhd, Syarikat Takaful Malaysia Keluarga Bhd and Kuala Lumpur Kepong Bhd.

The actives included KNM Group Bhd, Sumatec Resources Bhd, Dynaciate Group Bhd, Dagang NeXchange Bhd, Green Packet Bhd, NetX Holdings Bhd and Vivocom International Holdings Bhd.

The gainers included Petronas Gas Bhd, G3 Global Bhd, Petronas Chemicals Group Bhd, GHL Systems Bhd, KESM Industries Bhd, DRB-Hicom Bhd and Microlink Solutions Bhd.

Asian shares were cautious on Thursday, shrugging off a tech-fuelled rally on Wall Street while the euro hovered near two-month lows as soft economic data bolstered expectations of rate cuts in Europe, according to Reuters.

Japan's Nikkei gained 0.5% to nearly three-month highs while Australia's benchmark index hit a new 12-year top on Wednesday, it said.

Kenanga IB Research said Asian markets closed mostly higher yesterday following reports of resumption of US-China trade negotiations.

It said back home, the FBM KLCI slipped 3.26 points or 0.2% lower to close at 1,652.41.

"Chart-wise, the index remains close to its 100-day SMA (simple moving average). Should the index convincingly break below its 50- and 100-day SMAs, the outlook would turn near-term bearish.

"From here, resistances can be found at 1,700 (R1). A break above should see the index trend higher towards 1,730 (R2). Conversely, downside supports can be identified at 1,630 (S1) and 1,600 (S2)," it said.








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