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KLCI remains below 1,600 level in line with lacklustre region

TheEdge Wed, Aug 21, 2019 10:20am - 10 months ago

KUALA LUMPUR (Aug 21): The FBM KLCI remained below the 1,600-point level at mid-morning today, tracking its regional peers.

At 10am, the FBM KLCI was down 3.89 points to 1,598.86.

Losers led gainers by 257 to 164, while 284 counters traded unchanged. Volume was 454.04 million shares valued at RM219.83 million.

The decliners included Focus Lumber Bhd, Hengyuan Refining Company Bhd, Kuala Lumpur Kepong Bhd, Berjaya Sports Toto Bhd, Petronas Gas Bhd and Fraser & Neave Holdings Bhd.

The actives included Sumatec Resources Bhd, Excel Force MSC Bhd, Meridian Bhd and Sealink International Bhd.

The gainers included Heineken Malaysia Bhd, Nestle (M) Bhd, MBM Resources Bhd, Carlsberg Brewery Malaysia Bhd, Guan Chong Bhd, Unisem (M) Bhd and UMW Holdings Bhd.

Asian shares fell on Wednesday as fresh worries about a global recession led investors to dump risky assets, with US President Donald Trump showing no signs of backing down in his trade war with China, according to Reuters.

Trump said on Tuesday he had to confront China over trade even if it caused short-term harm to the US economy because Beijing had been cheating Washington for decades, it said.

Hong Leong IB Research said the unresolved trade tensions between the US and China, coupled with the emergence of recession fears following the declining move in Treasury yields recently are likely to dampen the market sentiment, limiting the upside potential of the markets eventually.

"Also, investors are focusing on the upcoming FOMC (Federal Open Market Committee) meeting minutes to gauge the future interest rate outlook for the rest of the year.

"On the local bourse, we believe the technical rebound may still sustain given the KLCI is grossly oversold suggested by the momentum indicators.

"Also, investors could be looking out for opportunities within the bashed down technology stocks ahead of its respective financial results by end-Aug. The KLCI is likely higher towards 1,620 over the near term," it said.

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