KLCI gets off to a muted start, tracking regional markets

TheEdge Fri, Apr 05, 2019 09:13am - 4 years View Original


KUALA LUMPUR (April 5): The FBM KLCI got off to a muted start Friday in line with the regional markets, weighed by select index-linked blue chips.

At 9.05am, the FBM KLCI shed 1.66 points to 1,643.41.

The early decliners included Public Bank Bhd, British American Tobacco (M) Bhd, KESM Industries Bhd, Malaysian Pacific Industries Bhd, Rapid Syergy Bhd, Genetec Technology Bhd, Lafarge Malaysia Bhd, Malaysia Airports Holdings Bhd and Landmarks Bhd.

Asian share markets consolidated weekly gains on Friday as Sino-U.S. talks dragged on with no concrete conclusions, while caution ahead of U.S. payrolls and a holiday in China and Hong Kong dampened volatility, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed and near its highest since the end of August. It was still up 1.9 percent for the week and 13 percent for the year so far, it said.

Kenanga IB Research said Asian markets ended mixed as investors remained on the side-lines, while awaiting further developments from the US-China trade negotiations.

The researhc house said the FBMKLCI inched up 1.86 points or 0.11% to close at 1,645.07.

“The overall outlook of the index remains bearish as its 20-and-50 day SMAs crossed below its 100-day SMA.

“However, we believe there is a possibility of a short technical rebound happening, as RSI seems to be bouncing off from oversold territory.

“We look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, support levels can be identified at 1,625 (S1) and 1,615 (S2),” it said.

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