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KLCI poised to end day in red, down 0.36% as regional markets turn choppy

TheEdge Fri, Jul 12, 2019 12:54pm - 4 months ago

KUALA LUMPUR (July 12): The FBM KLCI looked poised to end the day in negative territory and fell 0.36% at the midday break, tracking the choppy regional markets.

At 12.30pm, the FBM KLCI lost 6.01 points to 1,673.25.

Losers edged gainers by 279 to 275, while 548 counters traded unchanged. Volume was 1.7 billion shares valued at RM1.11 billion.

The losers included Nestle (M) Bhd, Hong Leong Bank Bhd, Heineken Malaysia Bhd, CIMB Group Holdings Bhd, Lysaght Galvanised Steel Bhd, Maxis Bhd, United Plantations Bhd, PPB Group Bhd and Fraser & Neave Holdings Bhd.

The actives included KNM Group Bhd, Cuscapi Bhd, Sapura Energy Bhd, Prestariang Bhd, My EG Services Bhd, Ekovest Bhd, Impiana Hotels Bhd and Khee San Bhd.

The gainers included Panasonic Manufacturing Malaysia Bhd, British American Tobacco (M) Bhd, Aeon Credit Service (M) Bhd, KESM Industries Bhd, Magni-Tech Industries Bhd, Atlan Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Asia File Corp Bhd, Kuala Lumpur Kepong Bhd and PMB Technology Bhd.

Asian shares veered between small losses and gains on Friday as investors awaited key China trade and lending data, and as worries over Sino-US trade tensions countered optimism rooted in expectations of a Federal Reserve rate cut this month, according to Reuters.

Later on Friday, China will release June trade data, with analysts expecting exports to have fallen as weakening global demand and a sharp hike in US tariffs took a heavier toll on the world's largest trading nation, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed flat on Thursday, up 0.29 points or 0.02% only. The index ended the session at 1,679.26.

"Despite the index closing unchanged, market breadth was positive with 501 gainers as compared to 329 losers. Some of the actively traded stocks include KNM, Sapura Energy, Bumi Armada Bhd and London Biscuits Bhd.

"Market was quite muted as the index traded sideways for the last four days and is currently hovering just above the 20-day EMA (exponential moving average). Meanwhile, the immediate resistance around 1,695 still remains valid.

"Anticipate the index to move sideways with downward bias," it said.

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