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KLCI poised to end week below 1,600 level, tracks regional retreat

TheEdge Fri, Sep 20, 2019 12:45pm - 3 weeks ago

KUALA LUMPUR (Sept 20): The FBM KLCI looked poised to end the week below the crucial 1,600-point level, tracking losses at regional markets.

At 12.30pm, the FBM KLCI dropped 5.16 points to 1,591.12.

Losers led gainers by 290 to 196, while 529 counters traded unchanged. Volume was 1.33 billion shares valued at RM893.42 million.

The losers included Kuala Lumpur Kepong Bhd, Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Petronas Dagagan Bhd, Aeon Credit Service (M) Bhd, PPB Group Bhd, KESM Industries Bhd, Hong Leong Industries Bhd and Warisan TC Holdings Bhd.

The actives included Bumi Armada Bhd, Vsolar Group Bhd, Priceworth International Bhd, MNC Wireless Bhd, Eco World Development Group Bhd, KNM Group Bhd and Opcom Holdings Bhd.

The gainers included Allianz Malaysia Bhd, Scientex Bhd, Hong Leong Financial Group Bhd, KLCC Property Holdings Bhd, Dufu Technology Corp Bhd, G3 Global Bhd and Eng Kah Corp Bhd.

Southeast Asian stock markets dropped on Friday, with the Philippine index leading losses as many foreign investors pulled money out of emerging markets following a spike in geopolitical tensions, according to Reuters.

An attack on Saudi Arabia's key oil facilities last weekend heightened tensions between the United States and Iran, as the former blamed Tehran for the attacks and added that potential retaliation measures would be implemented if needed, it said.

Affin Hwang Capital Research said the FBM KLCI Index turned slightly lower in yesterday's session, shedding 3.21 points or 0.2%, closing at 1,596.28.

"The index has been steadily inching lower from the upper-end of the consolidation range (1,580-1,615) for the past three trading days.

"Direction still remains unclear, supported by technical indicators, namely RSI (relative strength index) & Stochastic as these indicators have been hovering sideways around the 50% level for quite a period of time.

"Anticipate the index to trade sideways within a tight range," it said.

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