KLCI down 0.14%, poised to close lower for eighth day running

TheEdge Thu, Jan 30, 2020 12:56pm - 4 years View Original


KUALA LUMPUR (Jan 30): The FBM KLCI pared some of its loss but remained 0.14% down at midday break on Thursday and was poised to extend its loss for the eighth consecutive day, as sentiment stayed tepid in line with regional markets.

At 12.30pm, the FBM KLCI was down 2.15 points to 1,548.32. The index had earlier slipped to a low of 1,540.71.

Losers led gainers by 390 to 184, while 517 counters traded unchanged. Volume was 1.49 billion shares, valued at RM988.51 million.

The losers included Nestle (M) Bhd, KESM Industries Bhd, United Plantations Bhd, Heineken Malaysia Bhd, Kuala Lumpur Kepong Bhd, PLB Engineering Bhd, Petronas Chemicals Group Bhd, LPI Capital Bhd and Petronas Gas Bhd.

The actives included Icon Offshore Bhd, RGB International Bhd, mTouche Technologies Bhd, Impiana Hotels Bhd, Careplus Group Bhd and Bumi Armada Bhd.

Gainers included Allianz Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, British American Tobacco (M) Bhd, Malaysia Airports Holdings Bhd, UWC Bhd, Genetec Technology Bhd, Kumpulan Powernet Bhd, Sarawak Consolidated Industries Bhd and Kluang Rubber Company (M) Bhd.

Reuters reported Asian stocks and currencies fell on Thursday, as the death toll from a new virus spreading in China rose and more cases were reported around the world.

Federal Reserve Chairman Jerome Powell acknowledged on Wednesday of the risks from any slowdown in the world's second-largest economy but said it is too early to say as to what the extent of the impact would be on the United States.

Affin Hwang Capital Research said the FBMKLCI Index dropped 1.17 points or 0.1% to close at 1550.47 on Wednesday.

The research house said after heavy losses seen on Tuesday, that the index calmed down in yesterday’ session whilst continuing to hover around the 1550 support level.

“Note that the 20 day EMA (shorter-period) has successfully crossed below the 50 day EMA (longer-period), which confirms the short-term bias is now towards the downside.

“Hence, if the index manages to push below the current 1550 support level, anticipate the index to test next support around 1530.

“Anticipate the index to trade with downward bias,” Affin Hwang Capital said.

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