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KLCI dips below 1,600 as regional markets slip over US-China trade talk uncertainty

TheEdge Wed, Nov 20, 2019 12:57pm - 10 months ago

KUALA LUMPUR (Nov 20): The FBM KLCI fell 0.37% at the midday break today to below the 1,600-point level, weighed by losses including at Petronas-linked stocks and Tenaga Nasional Bhd, as regional markets slipped on uncertainty over US-China trade talks.

At 12.30pm, the FBM KLCI fell 5.96 points to 1,599.35.

Losers outpaced gainers by 299 to 244, while 499 counters traded unchanged. Volume was 1.55 billion shares valued at RM838.33 million.

The top losers included Petronas Gas Bhd, Petronas Dagangan Bhd, Batu Kawan Bhd, Yinson Holdings Bhd, Petron Malaysia Refining & Marketing Bhd, Tenaga, Petronas Chemicals Group Bhd, PPB Group Bhd and Fraser & Neave Holdings Bhd.

The actives included Alam Marfitim Resources Bhd, Bumi Armada Bhd, Trive Property Group Bhd, Ekovest Bhd and MTAG Group Bhd.

The gainers included Kuala Lumpur Kepong Bhd, Guan Chong Bhd, Heineken Malaysia Bhd, Scientex Bhd, Carlsberg Brewery Malaysia Bhd, Dufu Technology Corp Bhd, LTKM Bhd and KESM Industries Bhd.

Southeast Asian stock markets fell on Wednesday amid fears that trade talks between Beijing and Washington could be derailed after US President Donald Trump threatened fresh tariffs and the US Senate passed a bill aimed at protecting human rights in Hong Kong, according to Reuters.

Trump said on Tuesday he had a good relationship with China, noting that Beijing was "moving along", it said.

Kenanga IB Research said Asian markets closed mixed yesterday as investors remain cautious on trade uncertainty.

It said back home, the FBM KLCI inched up by 0.95 points, or 0.06%, to close at 1,605.31.

"Chart-wise, the index has managed to climb back to its 1,600-point level amid improved market sentiment.

"The index remains above the 20- and 50 day-SMAs (simple moving averages) while other momentum indicators appear rangebound, suggesting a possible consolidation near current levels.

"From here on, overhead resistance can be seen at 1,630 (R1) and 1,650 (R2). Conversely, key support levels can be found at 1,570 (S1) and 1,550 (S2)," it said.

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