KLCI retreats as retracement sets in, stays above 1,820

TheEdge Tue, Jan 09, 2018 10:13am - 6 years View Original


KUALA LUMPUR (Jan 9): The FBM KLCI gave up some its gains this morning and retreated at mid-morning as some mild retracement set in.

At 10am, the FBM KLCI dipped 2.61 points to 1,829.54. The index had earlier risen to a high of 1,840.35.

Losers outpaced gainers by 597 to 241, while 330 counters traded unchanged. Volume was 2.40 billion shares valued at RM958.41 million.

The top losers included KESM Industries Bhd, Malaysia Pacific Industries Bhd, Hengyuan Refining Company Bhd, UMS Holdings Bhd, Scientex Bhd, Harrisons Holdings (M) Bhd, Kossan Rubber Industries Bhd, Petron Malaysia Refining & Marketing Bhd, Telekom Malaysia Bhd and Ann Joo Resources Bhd. 

The actives included Sapura Energy Bhd, UMW Oil & Gas Corp Bhd, Sumatec Resources Bhd, Borneo Oil Bhd, XOX Bhd, Priceworth International Bhd, Trive Property Group Bhd, APFT Bhd and P.A. Reources Bhd.

The gainers included Nestle (M) Bhd, British American Tobacco (M) Bhd, Batu Kawan Bhd, Tenaga Nasional Bhd, United U-Li Corp Bhd, Malaysia Airports Holdings Bhd, Berjaya Auto Bhd, MB World Bhd and MISC Bhd.

Asian shares edged higher on Tuesday, approaching record highs after the S&P 500 extended its winning streak, while the dollar steadied against its major counterparts, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent at 590.23, not far from its record peak of 591.50 scaled in November 2007, it said.

Hong Leong IB Research in a traders’ brief said with the investors staying positive on the global outlook, the Dow may trend higher towards 26,000.

“However, as technical indicators are overbought and stretched valuations on most of the US equities, we think traders may take the opportunity to lock in profits over the near term – the Dow’s support will be set around 24,000.

“On the local bourse, although the ringgit has strengthened below RM4.00/US$ and the firmer crude oil price have supported the market sentiments last week, we think the overheated market may take some breather over the near term as the FBM KLCI has rallied more than 100 pts over past month.

“Hence, the retracement may take place with the immediate support anchored around 1,800,” it said.

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