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KLCI stays below 1,600 level as regional markets turn lower

TheEdge Thu, Sep 19, 2019 01:01pm - 3 weeks ago

KUALA LUMPUR (Sept 19): The FBM KLCI remained in the negative zone and below the 1,600-point level at the midday break today as regional markets turned lower.

At 12.30pm, the FBM KLCI fell 5.03 points to 1,594.46.

Losers led gainers by 314 to 195, while 511 counters traded unchanged. Volume was 1.21 billion shares valued at RM623.19 million.

The losers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Malaysian Pacific Industries Bhd, Hong Leong Industries Bhd, Kuala Lumpur Kepong Bhd, United Plantations Bhd and Telekom Malaysia Bhd.

The actives included MNC Wireless Bhd, Bumi Armada Bhd, Sapura Energy Bhd, Green Packet Bhd, KNM Group Bhd and Vsolar Group Bhd.

The gainers included Fraser & Neave Holdings Bhd, G3 Global Bhd, Magni-Tech Industries Bhd, KESM Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Globetronics Technology Bhd, Pentamaster Corp Bhd, Dufu Technology Corp Bhd and Lii Hen Industries Bhd.

Asian shares turned lower on Thursday after the US Federal Reserve (Fed) cut interest rates as expected but signalled a higher bar to further policy easings, according to Reuters.

Treasury yields rose broadly and the curve flattened as Fed chairman Jerome Powell took a cautious approach to any further reductions in borrowing costs, while division among central bankers has increased uncertainty over how much further rates might fall, it said.

Kenanga IB Research said Asian markets closed mixed yesterday as investors remained on the sidelines ahead of the Fed meeting.

It said back home, the FBM KLCI fell 4.81 points or 0.3% to end at 1,599.49.

"Chart-wise, the underlying trend of the index remains bearish as the index remains below 50- and 100-day SMAs (simple moving averages).

"Should the selling pressure persist, key support levels can be seen at 1,570 (S1) and 1,550 (S2).

"Conversely, overhead resistance levels can be found at 1,630 (R1) and 1,650 (R2)," it said.

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