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KLCI struggles to breach 1,600 level yet again

TheEdge Thu, Aug 22, 2019 01:12pm - 6 months ago

KUALA LUMPUR (Aug 22): The FBM KLCI struggled to breach the 1,600-point level yet again, as it eked out marginal gains against the backdrop of mixed regional markets.

At 12.30pm, the FBM KLCI gained 3.64 points to 1,598.23.

Losers edged gainers by 260 to 223, while 545 counters traded unchanged. Volume was 1.13 billion shares valued at RM702.53 million.

The gainers included Heineken Malaysia Bhd, Fraser & Neave Holdings Bhd, Malaysian Pacific Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Amway (M) Holdings Bhd, SAM Engineering & Equipment (M) Bhd, Petronas Gas Bhd, IGB Bhd and UWC Bhd.

The actives included Vsolar Group Bhd, Berjaya Land Bhd, Jaks Resources Bhd, NetX Holdings Bhd, MNC Wireless Bhd and Green Packet Bhd.

The decliners included United Plantations Bhd, Allianz Malaysia Bhd, Enra Group Bhd, British American Tobacco (M) Bhd and Time Dotcom Bhd.

The Indonesian index retreated on Thursday as investors kept a cautious stance and waited for central bank's clues on further rate cuts, while Singapore and Malaysian stocks edged up ahead of a key gathering of global policymakers, according to Reuters.

Traders expect the US Federal Reserve's annual Jackson Hole symposium and a Group of Seven summit this weekend will shed light on the next steps policymakers will take to support economic growth, it said.

Affin Hwang Capital Research said the FBM KLCI Index turned lower in yesterday's session, dropping 8.16 points or 0.51%, closing at 1,594.59.

It said in the global arena, sentiments on the equity markets have improved as major markets are inching upwards.

"Anticipate our local market to perform in line with global markets. The index has been supported around the 1,600 psychological level the past few trading days and is likely to retest immediate resistance around the 1,620 level moving forward.

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

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