KLCI dips as Axiata drags

TheEdge Tue, Apr 09, 2019 09:20am - 5 years View Original

KUALA LUMPUR (April 9): The FBM KLCI dipped in early trade this morning dragged by index-linked blue chips, against the backdrop of mixed regional markets.

At 9.10am, the FBM KLCI dipped 1.13 points to 1,643.22.

The top losers included Maxis Bhd, Ajinomoto (M) Bhd, AirAsia Group Bhd, Hock Heng Stone Industries Bhd, Axiata Group Bhd, Sime Darby Plantation Bhd and Tri-Mode System (M) Bhd.

Asian stocks were mixed Tuesday after the threat of new tariffs on European goods from President Donald Trump damped risk appetite. Treasuries steadied alongside the dollar, while oil rose to a five-month high, according to Bloomberg.

Japanese shares slipped and were little changed in Korea and Australia. S&P 500 Index futures were flat after the benchmark eked out a gain in thin volumes Monday, rising to just over a percent from its all-time high. Crude rallied for a third day as an escalation of fighting in OPEC producer Libya overshadowed the biggest increase in U.S. active rigs since May, it said.

Kenanga IB Research said Asian markets closed mixed as investors are cautious over the on-going trade negotiation despite upbeat job data from U.S.

It said that back home, the FBM KLCI gained 2.54 points (+0.15%) to close at 1,644.35.

“The overall technical outlook appears to be consolidating, evidenced by the distance of the key SMAs.

“However, we believe there is a possibility that the index may continue to rebound, as RSI seems to be bouncing off from the oversold zone.

“The 1,660 (R1) and 1,700 (R2) level are the key resistance levels while downside supports can be identified at 1,625 (S1) and 1,615 (S2),” it said.




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