KLCI loses 0.64% on growth concerns, dim data

TheEdge Fri, Oct 04, 2019 12:53pm - 4 years View Original


KUALA LUMPUR (Oct 4): The FBM KLCI lost 0.64% at the midday break today as the benchmark index tested the 1,550-point support level on growing economic growth concerns and some dim statistics.

Malaysia's August exports registered a decrease of 0.8% to RM81.4 billion, while imports fell 12.5%.

At 12.30pm, the FBM KLCI fell 10.06 points to 1,554.06.

Losers overtook gainers by 278 to 217, while 506 counters traded unchanged. Volume was 890.8 million shares valued at RM587.79 million.

The decliners included Kuala Lumpur Kepong Bhd, Nestle (M) Bhd, Aeon Credit Service (M) Bhd, Petronas Chemicals Group Bhd, Malaysia Airports Holdings Bhd and PPB Group Bhd.

The actives included Sapura Energy Bhd, Vsolar Group Bhd, Bumi Armada Bhd, Green Packet Bhd, MTAG Group Bhd, FoundPac Group Bhd and Prestariang Bhd.

The gainers included ViTrox Corp Bhd, KESM Industries Bhd, Guan Chong Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Pentamaster Corp Bhd, Carlsberg Brewery Malaysia Bhd, Unisem (M) Bhd, LPI Capital Bhd and Teck Guan Perdana Bhd.

Asian stocks edged higher on Friday, thanks to gains on Wall Street, but the mood was cautious before a key US job report that could help determine whether the Federal Reserve cuts interest rates further, according to Reuters.

Investors have been caught out by a set of weak US data this week, including surveys on services and manufacturing sectors, deepening fears the Sino-US trade war is starting to hurt growth in the world's biggest economy, it said.

Affin Hwang Capital Research said the FBM KLCI Index continued to drop in yesterday's session, shedding 10.78 points or 0.68%, closing at 1,564.12.

"The index continues its downward movement after breaching below the 1,580 immediate support level.

"Moving forward, anticipate the index to test the 1,550 psychological support level. If this level is broken, anticipate price to drift towards the next key support range calculated to be around 1,500-1,530 in the intermediate term.

"Anticipate the index to resume its downward movement," it said.

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