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KLCI stays negative in line with regional sentiment

TheEdge Tue, Jan 29, 2019 01:04pm - 1 year ago

KUALA LUMPUR (Jan 29): The FBM KLCI remained in negative zone at the midday break today, tracking the losses at regional markets as sentiment stayed weak.

At 12.30pm, the FBM KLCI fell 7.84 points to 1,689.66.

Losers led gainers by 421 to 226, while 338 counters traded unchanged. Volume was 1.25 billion shares valued at RM776.02 million.

The top losers included United Plantations Bhd, Dutch Lady Milk Industries Bhd, Nestle (M) Bhd, British American Tobacco (M) Bhd, Ajinomoto (M) Bhd, Kuala Lumpur Kepong Bhd, ViTrox Corp Bhd, PPB Group Bhd and Axiata Group Bhd.

The actives included Sapura Energy Bhd, Eduspec Holdings Bhd, KNM Group Bhd, Iris Corp Bhd, Bumi Armada Bhd, Hubline Bhd, JAG Bhd and Sanichi Technology Bhd.

The gainers included Mega First Corp Bhd, Genting Bhd, Hap Seng Plantations Holdings Bhd, RHB Bank Bhd, Cahya Mata Sarawak Bhd, Heineken Malaysia Bhd and Unisem (M) Bhd.

Asian shares stumbled on Tuesday and the US dollar hovered near two-week lows as prospects for a long-awaited Sino-US trade deal was dealt another blow after the United States levelled sweeping criminal charges against China's telecom giant Huawei, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan got off to a shaky start with losses accelerating as other regional markets opened, it said.

Affin Hwang Capital Research said the FBM KLCI Index started the week slightly lower, dropping 3.53 points or 0.21% to close at 1,697.50 yesterday.

The research house said volatility remains relatively low with the index hovering within a 12-point range between the high and low.

"Nonetheless, the index has been steadily inching higher for the past week and a half which is a positive sign in the near term.

"Technical indicators are also pointing to further gains in the index, showing increasing upwards momentum.

"Anticipate the FBM KLCI Index to congest sideways with upward bias," it said.

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