KLCI drifts lower as regional markets start muted

TheEdge Mon, Nov 18, 2019 09:16am - 4 years View Original


KUALA LUMPUR (Nov 18): The FBM KLCI drifted lower in early trade this morning against the backdrop of muted regional markets.

At 9.10am, the FBM KLCI shed 0.53 points to 1,594.22.

The decliners included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, United Plantations Bhd, Petronas Chemicals Group Bhd, Hong Leong Bank Bhd, Carlsberg Brewery Malaysia Bhd, Public Bank Bhd, SBC Corp Bhd, Petron Malaysia Refining & Marketing Bhd and Hengyuan Refining Company Bhd.

Reuters reported that Asian share markets got the week off to a muted start on Monday as jaded investors awaited real evidence on progress in the U.S.-China trade dispute, though sentiment found support from another record close on Wall Street.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.06% in very light volumes, it said.

CGS-CIMB Retail Research said the local bourse declined 14.98 points week-on-week on the back of Trump’s speech about threatening substantially more tariffs on China if there is no trade deal.

It said the sentiment was further dampened by the slower Malaysia’s 3Q19 GDP growth.

“As long the support trend line from 1,548 low remains intact, we expect the FBMKLCI index to work its way higher to test the 200-day EMA (currently at 1,635).

“Meanwhile, the Bursa ACE index bounced off its 30-day EMA last Friday after it formed a bullish harami candlestick formation, suggesting that a resumption of the upward momentum seems likely to take place next. Resistance: 1,620 & 1,636. Support: 1,590 & 1,577,” it said.

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