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KLCI pares loss as select blue chips lend support

TheEdge Tue, Sep 25, 2018 - 9 months ago


KUALA LUMPUR (Sept 25): The FBM KLCI pared some of its loss at midday break today, against a backdrop of struggling regional markets.

At 12.30pm, the FBM KLCI was down 2.57 points to 1,797.60. The index had earlier slipped to its intra-morning low of 1,797.15.

Losers led gainers by 337 to 311, while 1,250 counters traded unchanged. Volume was 988.24 million shares, valued at RM703.56 million.

Top losers included Panasonic Manufacturing Malaysia Bhd, British American Tobacco (M) Bhd, Axiata Group Bhd, Apollo Food Holdings Bhd, Pinehill Pacific Bhd, Hong Leong Financial Group Bhd, Malaysian Pacific Industries Bhd, Scientex Bhd, ViTrox Corp Bhd and Press Metal Industries Bhd.

The actives included Sapura Energy Bhd, Hibiscus Petroleum Bhd, QES Group Bhd, Reach Energy Bhd, Frontken Corp Bhd, Bumi Armada Bhd, XOX Bhd and Borneo Oil Bhd.

The gainers included Petronas Dagangan Bhd, Petron Malaysia Refining & Marketing Bhd, Heineken Malaysia Bhd, Oriental Interest Bhd, Hengyuan Refining Company Bhd, Far East Holdings Bhd, SP Setia Bhd, Tien Wah Press Holdings Bhd, Selangor Properties Bhd and Genting Bhd.

Asia stocks struggled on Tuesday, as a fresh round of U.S.-China tariffs and a surge in oil prices to near four-year highs, added to worries about risks to global growth, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.2%. However, Japan's Nikkei bucked the trend and edged up nearly 0.2%, it said.

CIMB Retail Research said the FBM KLCI Index fell 10 points or 0.58% on Monday, mainly led by losses in construction (-1.18%).

The research house said the market sentiment turned negative, after China called off the trade talks with US over the weekend.

“More sideways chop is likely to persist ahead of the FOMC meeting this week.

“Chart wise, the key index formed a long black candlestick yesterday, which indicates a weak market, and thus the index may see further consolidation today.

“Resistance: 1,810 & 1,822. Supports: 1,796 & 1,777,” the research house said.








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