KLCI dips 0.15% as downtrend remains intact

TheEdge Mon, Oct 21, 2019 12:51pm - 4 years View Original


KUALA LUMPUR (Oct 21): The FBM KLCI dipped 0.15% at the midday break today as its downtrend remained intact, against the backdrop of higher regional markets.

At 12.30pm, the FBM KLCI shed 2.4 points to 1,568.75.

Losers led gainers by 291 to 255, while 496 counters traded unchanged. Volume was 1.38 billion shares valued at RM660.93 million.

The decliners included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Aeon Credit Service (M) Bhd, Scientex Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Hong Leong Bank Bhd, Cahya Mata Sarawak Bhd, Bursa Malaysia Bhd, Hong Leong Industries Bhd and Petronas Gas Bhd.

The actives included NetX Holdings Bhd, Bumi Armada Bhd, MTAG Group Bhd, PUC Bhd, i-Stone Group Bhd, IFCA MSC Bhd, Sino Hua-Ann International Bhd and KNM Group Bhd.

The gainers included Carlsberg Brewery Malaysia Bhd, KESM Industries Bhd, Malaysian Pacific Industries Bhd, Dutch Lady Milk Industries Bhd, UWC Bhd, Pentamaster Corp Bhd, Datasonic Group Bhd and Sarawak Consolidated Industries Bhd.

Asian stocks edged higher on Monday as Chinese shares reversed early losses due to hopes for progress in resolving the US-China trade war and expectations for greater investment inflows into Hong Kong, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.19%. Chinese shares rose 0.13%, while Japan's Nikkei rose 0.28%, it said.

Affin Hwang Capital Research said the FBM KLCI Index turned slightly lower on Friday, dropping 3.35 points or 0.21%, closing at 1,571.15.

"Presently, the index is hovering just above the 1,550 psychological level. However, we opine that this level may be retested again in the near term. If this level is broken, a key support anticipated to emerge around the 1,500-1,530 level.

"Overall, downward trend remains intact. Moving through this week, market focus would be on the small and mid-cap growth stocks which have consolidated or corrected significantly whereas big-caps are anticipated to consolidate further.

"Downward bias remains intact," it said.

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