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KLCI gets off to muted start as region opens mixed

TheEdge Wed, Aug 28, 2019 09:11am - 1 year ago

KUALA LUMPUR (Aug 28): The FBM KLCI got off to a muted start this morning against the backdrop of mixed regional markets.

At 9.05am, the FBM KLCI shed 0.37 points to 1,590.47.

The early decliners included Dutch Lady Milk Industries Bhd, Muda Holdings Bhd, Hartalega Holdings Bhd, Focus Point Holdings Bhd, Genting Plantations Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Yoong Onn Corp Bhd, AWC Bhd and Magnum Bhd.

Asian stocks looked set for a mixed session Wednesday as investors assessed the latest in the unpredictable path of trade talks between the U.S. and China. Treasuries rose, according to Bloomberg.

Futures slipped in Tokyo, were little changed in Seoul and pointed higher in Hong Kong. U.S. equities finished lower after a seesaw session as it appeared that China was bracing for the worst on the negotiations with U.S. President Donald Trump’s credibility becoming a key impediment to a deal. The 10-year Treasury yield fell below 1.50% to a three-year low and the dollar was steady against major currencies. Crude jumped on expectations of shrinking U.S. inventories, it said.

Kenanga IB Research said Asian stock ended higher as Washington indicated a possibility of a trade deal with China.

It said back home, the FBMKLCI failed to track the regional market and lost 9.69pts or 0.61% to close at 1,590.84.

“Chart-wise, the underlying trend of the index remains bearish as the index remains below all its key-SMAs.

“However, we do not discount the possibility of a technical-rebound given that stochastic has been in oversold territory for a long period (around 1 month). Look out for overhead resistance levels at 1,630 (R1) and 1,650 (R2),” it said.

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