KLCI slips below 1,700 as blue chips slip

TheEdge Mon, Jan 28, 2019 10:33am - 2 years ago

KUALA LUMPUR (Jan 28): The FBM KLCI slipped below the 1,700-point level today as index-linked blue chips dragged, against the backdrop of firmer regional markets.

At 10.10am, the FBM KLCI dipped 2.65 points to 1,698.38.

Losers overtook gainers by 261 to 232, while 294 counters traded unchanged. Volume was 674.73 million shares valued at RM309.42 million.

The decliners included Dutch Lady Milk Industries Bhd, Heineken Malaysia Bhd, LPI Capital Bhd, Hartalega Holdings Bhd, Carlsberg Brewery Malaysia Bhd, UEM Edgenta Bhd, Press Metal Aluminium Holdings Bhd, Westports Holdings Bhd, United Plantations Bhd and Can-One Bhd.

The actives included Sapura Energy Bhd, Bumi Armada Bhd, JAG Bhd, Tiger Synergy Bhd, Barakah Offshore Petroleum Bhd and Malayan Flour Mills Bhd.

The gainers included Suiwah Corp Bhd, Syarikat Takaful Malaysia Keluarga Bhd, British American Tobacco (M) Bhd, PPB Group Bhd, Malaysian Pacific Industries Bhd and DiGi.Com Bhd.

Asian stocks advanced on Monday as Wall Street rallied after a deal was announced to reopen the US government following a prolonged shutdown that had shaken investor sentiment, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.2%, it said.

Hong Leong IB Research said as the US's partial government shutdown was brought to a temporary end, coupled with the positive corporate earnings over the past week, the research house opined that Wall Street could trend higher at least over the near term.

"However, should there be any negative surprises from the US-China trade discussions, it may limit the upside potential for the major indexes. The Dow's resistance is envisaged around the 24,965 (SMA200).

"Following the surge on Wall Street, especially as the Nasdaq jumped more than 1%, coupled with the weaker ringgit trend, we may anticipate technology stocks on the local front to follow suit.

"Meanwhile, the FBM KLCI may extend its rebound after securing above the 1,700 level over the past week. Nevertheless, construction stocks could take a back seat over the near term on the back of the termination of the ECRL (East Coast Rail Link) mega project," it said.

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