KLCI stages mild recovery amid mixed Asian markets

TheEdge Tue, Mar 26, 2019 09:10am - 5 years View Original


KUALA LUMPUR (March 26): The FBM KLCI staged a mild recovery in early trade this mornning against the background of mixed regional markets.

At 9.05am, the FBM KLCI was up 1.59 points to 1,650.74.

The gainers included UMS Holdings Bhd, Syarikat Takaful Malaysia Keluarga Bhd. Bursa Malaysia Bhd, Petronas Chemicals Group Bhd, RHB Bank Bhd, Rexit Bhd, Hong Leong Financial Group Bhd, Tenaga Nasional Bhd and Merge Energy Bhd.

Asian stocks saw a mixed performance at the open on Tuesday after their biggest slide this year. Government bond yields remain near their recent lows as investors gauge recession-risk signals emanating from U.S. Treasuries, according to Bloomberg.

Japanese shares climbed at the open, while Australian and Korean benchmarks were flat. U.S. futures were little changed after the S&P 500 Index was almost unchanged Monday, when homebuilders climbed thanks to reduced borrowing costs, but technology shares sank as investors took little encouragement from Apple Inc.’s new services offerings. Ten-year Treasury yields fell below 2.4 percent for the first time since December 2017 as traders bet the next Federal Reserve move is to cut rates. West Texas crude is above $59 a barrel, it said.

Kenanga IB Research said Asian markets plunged as investors were negative on the disappointing manufacturing data from Germany on Friday and a warning signal that U.S. recession could be on the horizon.

It said that similarly, the FBMKLCI slipped 17.51 points (-1.05%) to close at 1,649.15.  

“Technically, the outlook is increasingly bearish with the index breaching below the 1,650 support level to initiate yet another potential downtrend.

“With key momentum indicators still displaying some weaknesses, support levels can be identified at 1,630 (S1) and 1,615 (S2) further down.

“Should market sentiment improves, key levels of resistance are at 1,700 (R1) and 1,730 (R2),” it said.

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