KLCI dips 0.13% as TM weighs while downtrend stays intact

TheEdge Tue, Oct 22, 2019 12:59pm - 4 years View Original


KUALA LUMPUR (Oct 22): The FBM KLCI dipped 0.13% at the midday break today, against the backdrop of guarded regional markets, weighed by losses including at Telekom Malaysia Bhd (TM).

At 12.30pm, the FBM KLCI dropped 2.03 points to 1,568.90.

Losers led gainers by 295 to 279, while 508 counters traded unchanged. Volume was 1.31 billion shares valued at RM713.83 million.

The decliners included Nestle (M) Bhd, Aeon Credit Service (M) Bhd, Allianz Malaysia Bhd, British American Tobacco (M) Bhd, Alliance Bank Malaysia Bhd, TM, Hong Leong Bank Bhd and Sime Darby Plantation Bhd.

The actives included Bumi Armada Bhd, Green Packet Bhd, JCY International Bhd, Key Asic Bhd, UCrest Bhd, MTAG Group Bhd and i-Stone Group Bhd.

The gainers included Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, KESM Industries Bhd, Malaysian Pacific Industries Bhd, Syarikat Takaful Malaysia Keluarga Bhd, UMW Holdings Bhd, Kuala Lumpur Kepong Bhd, Genting Plantations Bhd and KLCC Property Holdings Bhd.

Asian share markets made guarded gains on Tuesday amid cheery chatter about the chance of a Sino-US trade deal, while investors were sanguine yet another vote on Brexit would still avert a hard exit for the UK, according to Reuters.

A holiday in Tokyo kept turnover light and MSCI's broadest index of Asia-Pacific shares outside Japan added a modest 0.3%, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed flat in yesterday's session, down 0.22 points or 0.01% only, closing at 1,570.93.

"Following a rebound from the 1,550 psychological support level, markets have slowed down after hitting the 20-day EMA (exponential moving average). The index is presently in the process of establishing a base to curb a further slide in the index.

"Moving forward, anticipate the index to retest the 1,580 immediate resistance level once the short-term base is completed.

"Downward bias remains intact," it said.

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Comments

Koala Panda
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TM is on KLCI list meh?

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