KLCI dips 0.18% as region stays uninspired

TheEdge Wed, Aug 28, 2019 10:30am - 4 years View Original


KUALA LUMPUR (Aug 28): The FBM KLCI dipped 0.18% at mid-morning today as regional markets stayed uninspired, weighed by select index-linked stocks.

At 10am, the FBM KLCI fell 2.86 points to 1,587.98.

Losers led gainers by 283 to 174, while 283 counters traded unchanged. Volume was 440.30 million shares valued at RM218.83 million.

The top losers included Dutch Lady Milk Industries Bhd, Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Genting Plantations Bhd, ViTrox Corp Bhd, Malaysia Airports Holdings Bhd, Kuala Lumpur Kepong Bhd, DRB-Hicom Bhd, Syarikat Takaful Malaysia Keluarga Bhd and Hong Leong Financial Group Bhd.

The actives included KNM Group Bhd, Iris Corp Bhd, DRB-Hicom and Icon Offshore Bhd.

The gainers included Time Dotcom Bhd, Padini Holdings Bhd, Petronas Gas Bhd, Alliance Bank Malaysia Bhd, British American Tobacco (M) Bhd, Sime Darby Bhd and Favelle Favco Bhd.

Asian shares eked out meagre gains on Wednesday, as higher Wall Street futures provided some relief for investors after an overnight US selloff, though deeper worries about the global economy are likely to keep a lid on sentiment, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.03%, Japan's Nikkei rose 0.04% and Australia's shares rose 0.07%, it said.

Hong Leong IB Research said that in the US, with the protracted trade war between the US and China (which has intensified recently last week as additional tariffs will be imposed on Chinese goods later this year), as well as the inverted yield curve phenomenon, the near-term negative market sentiment may persist and the Dow could revisit the 200-day simple moving average (SMA200) near the 25,600.

"Should it violate below 25,600, next support will be at 25,000.

"Given the negative performance on the Wall Street overnight, we expect selling pressure could spill over towards stocks on the local front and the FBM KLCI may hover below 1,600 over the near term (supported by the negative technical readings).

"Traders could look into safe haven asset proxy (gold) for trading opportunities under this cautious environment," it said.

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