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KLCI stays subdued, struggles to breach 1,600 level

TheEdge Wed, Aug 21, 2019 12:50pm - 3 months ago

KUALA LUMPUR (Aug 21): The FBM KLCI stayed subdued and struggled to breach the 1,600-point level at the midday break today, against the backdrop of flattish regional markets.

At 12.30pm, the FBM KLCI dipped 3.09 points to 1,599.66. The index had earlier inched higher to 1,601.24.

Losers led gainers by 277 to 206, while 501 counters traded unchanged. Volume was 1.09 billion shares valued at RM681.93 million.

The losers included Hong Leong Industries Bhd, Kuala Lumpur Kepong Bhd, Malaysian Pacific Industries Bhd, Focus Lumber Bhd, Hengyuan Refining Company Bhd, Petronas Dagangan Bhd, Batu Kawan Bhd and Bursa Malaysia Bhd.

The actives included Lambo Group Bhd, Sumatec Resources Bhd, Meridian Bhd, Datasonic Group Bhd, Excel Force MSC Bhd and NetX Holdings Bhd.

The gainers included Heineken Malaysia Bhd, MBM Resources Bhd, Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Serba Dinamik Holdings Bhd, Allianz Malaysia Bhd, Fraser & Neave Holdings Bhd and Genting Plantations Bhd.

Asian shares flatlined on Wednesday as worries about global recession and endless trade wars vied with hopes for a lot more monetary and fiscal stimulus to keep growth going, according to Reuters.

Much depends on what the Federal Reserve does with US interest rates, making markets hyper-sensitive to the minutes — due later on Wednesday — of its last meeting, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed higher in yesterday's session, up 6.3 points or 0.4%, settling at 1,602.75.

It said moving average convergence divergence (MACD) on the daily chart is converging towards the Signal line.

"A successful cross above the Signal line ('golden-cross') may be the catalyst to push the index further up.

"Technical rebound is currently in progress. Anticipate the index to recover towards the 1,620 level.

"Short-term technical rebound in progress. Nonetheless, medium-term downward bias remains," it said.

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