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KLCI pares loss, stays down 0.63% as sentiment remains wary

TheEdge Thu, Oct 03, 2019 12:58pm - 9 months ago

KUALA LUMPUR (Oct 3): The FBM KLCI pared some of its loss at the midday break but was still down 0.63% in tandem with the weak regional markets after the US slapped tariffs on European goods.

At 12.30pm, the FBM KLCI fell 9.93 points to 1,564.97. The index had earlier slipped to a low of 1,564.17.

Losers led gainers by 355 to 157, while 543 counters traded unchanged. Volume was 1.31 billion shares valued at RM579.19 million.

The top losers included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Public Bank Bhd, PPB Group Bhd, British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Heineken Malaysia Bhd, Hong Leong Bank Bhd, Petronas Dagangan Bhd and Aeon Credit Service (M) Bhd.

The actives included Sumatec Resources Bhd, Vsolar Group Bhd, Bumi Armada Bhd, Green Packet Bhd, Sapura Energy Bhd and Borneo Oil Bhd.

The gainers included Guan Chong Bhd, Kluang Rubber Company (Malaya) Bhd, Lafarge Malaysia Bhd, Tien Wah Press Holdings Bhd, C.I. Holdings Bhd, Spritzer Bhd, Dufu Technology Corp Bhd, Syarikat Takaful Malaysia Keluarga Bhd and Salutica Bhd.

Southeast Asian stock markets fell on Thursday, with Philippines losing the most after the United States opened a new front in its global trade tussle by slapping tariffs on European imports, according to Reuters.

The United States said on Wednesday it would slap 10% tariffs on European-made Airbus planes and 25% duties on French wine, Scotch and Irish whiskies, and cheese from across the continent as punishment for illegal EU aircraft subsidies, it said.

Affin Hwang Capital Research said the FBM KLCI Index fell in yesterday's session, dropping 14.54 points or 0.91%, closing at 1,574.9.

"The index finally broke below the 1,580 immediate support level after consolidating for the past few months.

"The strong push below support as indicated by the strong bearish candle on the daily chart shows that sellers are returning to the picture and bears remain strong.

"The index is anticipated to resume its current downward movement," it said.

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