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KLCI drops 0.23% as Top Glove, Maybank weigh

TheEdge Thu, Nov 28, 2019 12:55pm - 2 months ago

KUALA LUMPUR (Nov 28): The FBM KLCI dropped 0.23% at the midday break today, tracking regional markets and weighed by losses including at Top Glove Corp Bhd and Malayan Banking Bhd (Maybank).

At 12.30pm, the FBM KLCI fell 3.58 points to 1,583.6.

Losers led gainers by 365 to 197, while 463 counters traded unchanged. Volume was 1.19 billion shares valued at RM604.59 million.

The decliners included Carlsberg Brewery (M) Bhd, Heineken Malaysia Bhd, British American Tobacco (M) Bhd, Kotra Industries Bhd, Malayan Cement Bhd, Teck Guan Perdana Bhd, Top Glove, UEM Edgenta Bhd and Maybank.

The actives included Solarvest Holdings Bhd, NetX Holdings Bhd, PUC Bhd, DGB Asia Bhd, FoundPac Group Bhd and KNM Group Bhd.

The gainers included Allianz Malaysia Bhd, Hong Leong Bank Bhd, Batu Kawan Bhd, Master-Pack Group Bhd and Tenaga Nasional Bhd.

Reuters reported Asian share markets wobbled on Thursday as concerns that tensions over Hong Kong may stymie a US-China trade deal cast a pall over Thanksgiving cheer from positive US economic data.

US President Donald Trump on Wednesday signed into law legislation backing pro-democracy protesters in Hong Kong. China's Foreign Ministry promptly warned of unspecified "firm counter measures" in response, it said.

Affin Hwang Capital Research said the FBM KLCI rebounded 3.31 points or 0.34% to close at 1,587.18 on Wednesday.

It said a last minute push helped the FBM KLCI close on a positive note during yesterday's closing although losers significantly outnumbered gainers.

"Technically, the index is still in a consolidation phase with daily MACD (moving average convergence divergence) lines steadily drifting toward zero line while the RSI (relative strength index) dips below the 50% level.

"Immediate key support range of 1,580-1,560 still holds whilst downward bias remains. Anticipate market as a whole to sluggishly move sideways within tight range.

"Short-term consolidation in progress," it said.

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