KLCI remains below 1,600-level as gains stay muted

TheEdge Thu, Sep 26, 2019 01:06pm - 4 years View Original


KUALA LUMPUR (Sept 26): The FBM KLCI ticked up 0.17% at the midday break today, but remained below the 1,600-point level as gains remained muted.

At 12.30pm, the FBM KLCI rose 2.71 points to 1,592.29.

Gainers led losers by 245 to 203, while 545 counters traded unchanged. Volume was 934.06 million shares valued at RM573.08 million.

The gainers included Hong Leong Financial Group Bhd, DeGem Bhd, Kuala Lumpur Kepong Bhd, Carlsberg Brewery Malaysia Bhd, Dutch Lady Milk Industries Bhd, Aeon Credit Service (M) Bhd, Petronas Gas Bhd, G3 Global Bhd and Heineken Malaysia Bhd.

The actives included MTAG Group Bhd, MNC Wireless Bhd, Bumi Armada Bhd, Komarkcorp Bhd and Ekovest Bhd.

The decliners included Petronas Dagangan Bhd, Nestle (M) Bhd, Pentamaster Corp Bhd, UMW Holdings Bhs, Malaysia Airports Holdings Bhd, FACB Industries Incorporated Bhd, Hai-O Enterprise Bhd and PMB Technology Bhd.

Stocks in Asia pushed higher on Thursday as signs of easing trade tensions overshadowed impeachment inquiry proceedings in Washington. The US dollar steadied after climbing the most since March and the slide in Treasuries eased, according to Bloomberg.

Japan equities opened higher along with modest gains in South Korea and Australia. Earlier, the S&P 500 halted a three-day slide after US President Donald Trump suggested a trade deal with China was possible and touted a pact with Japan. Yields on 10-year Treasuries edged lower following an increase toward 1.75%, it said.

Kenanga IB Research said Asian stocks ended lower yesterday over growing global economic growth concerns.

It said back home, the FBM KLCI lost 2.75 points (-0.17%) to end at 1,589.58.

"Chart-wise, the underlying trend of the index remains bearish as the index remains below all of its key SMAs (simple moving averages).

"Key support levels to watch out for are 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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