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KLCI pares loss as regional markets trade mixed

TheEdge Thu, Oct 17, 2019 12:47pm - 9 months ago

KUALA LUMPUR (Oct 17): The FBM KLCI pared some its loss at midday break against the backdrop of mixed regional markets.

At 12.30pm, the FBM KLCI was down 1.29 points to 1,573.61. The index had earlier slipped to a low of 1,572.08.

Losers overtook gainers by 249 to 241, while 551 counters traded unchanged. Volume was 1.22 billion shares, valued at RM702.56 million.

The decliners included British American Tobacco (M) Bhd, Petronas Gas Bhd, Nestle (M) Bhd, KESM Industries Bhd, Zhulian Corp Bhd, Magni-Tech Industries Bhd, MBM Resources Bhd and Magna Prima Bhd.

The actives included Green Packet Bhd, Sapura Energy Bhd, Bumi Armada Bhd, Perdana Petroleum Bhd, Mestron Holdings Bhd and KNM Group Bhd.

The gainers included Hong Leong Industries Bhd, Allianz Malaysia Bhd, Allianz Malaysia Bhd, Guan Chong Bhd, Aeon Credit Service (M) Bhd, New Hoong Fatt Holdings Bhd, Malaysian Pacific Industries Bhd, Hong Leong Financial Group Bhd, Heineken Malaysia Bhd and Perusahaan Sadur Timah Malaysia Bhd.

Global stocks barely moved on Thursday, as soft U.S. retail sales data raised concerns about the health of the world's largest economy and risk of global recession, while sterling was volatile as negotiations on a Brexit deal continued, according to Reuters.

Both MSCI's broadest index of Asia-Pacific shares outside Japan and Japan's Nikkei were little changed in early trade, while U.S. stock futures lost 0.15%, it said.

Affin Hwang Capital Research said the FBMKLCI Index rebounded strongly in yesterday’s session, gaining 8.67 points or 0.55%, closing at 1574.9.

“The index continue to firm up in yesterday’s trading session. The index has recouped about 25 points, ever since finding support at the 1550 psychological support level.

“Note that the index is approaching the 1580 level, which has acted as support previously, now potentially may be a resistance zone. Nonetheless, key indicators are still pointing to further potential upside.

“Downward bias remains intact,” it said.

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