KLCI falls 0.43% on mild profit taking, index slips to below 1,600-level

TheEdge Tue, Nov 19, 2019 09:12am - 4 years View Original


KUALA LUMPUR (Nov 19): The FBM KLCI fell 0.43% in early trade on some mild profit taking, dragging the index below the 1,600-point level against the backdrop of softer regional markets.

At 9.05am, the FBM KLCI fell 6.93 points to 1,597.43.

The early decliners included Hong Leong Financial Group Bhd, Petronas Gas Bhd, British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, PPB Group BHd, Hong Leong Bank Bhd, Public Bank Bhd, Mega First Corp Bhd and Bursa Malaysia Bhd.

Asian shares started Tuesday softer as another day awaiting clearer news on the progress of U.S-China trade negotiations weighed on jaded investors' sentiment, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1%, it said.

CGS-CIMB Retail Research said both FBMKLCI (KLCI) and ACE indices closed 9.61points and 17.56 points higher respectively on Monday, as expected. KLCI saw a last-minute push that lifted the index back above 1,600.

It said yesterday’s bounce off its 30-day & 50-day EMAs and also the support trend line from 1,548 low bodes well for the market.

“Today, KLCI could potentially stage a follow-through rebound.

“As long the support trend line from 1,548 low remains intact, we expect the index to work its way higher to test the 200-day EMA (currently at 1,635). Resistance: 1,620 & 1,636. Support: 1,590 & 1,577,” it said.

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