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KLCI falls 0.51% in line with regional tumble

TheEdge Tue, Dec 03, 2019 12:53pm - 8 months ago

KUALA LUMPUR (Dec 3): The FBM KLCI fell 0.51% at the midday break today, tracking the tumble at regional markets after the US spooked investors with a warning of tariffs against Latin American nations.

At 12.30pm, the FBM KLCI lost 8.04 points to 1,562.51.

Losers led gainers by 368 to 200, while 472 counters traded unchanged. Volume was 1.07 billion shares valued at RM733.13 million.

The top losers included Nestle (M) Bhd, Kuala Lumpur Kepong Bhd, Dutch Lady Milk Industries Bhd, Fraser & Neave Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Amway (M) Holdings Bhd and Hong Leong Bank Bhd.

The actives included Khee San Bhd, Bina Puri Holdings Bhd, Solarvest Holdings Bhd, Yong Tai Bhd, JAKS Resources Bhd, FoundPac Group Bhd and Sanichi Technology Bhd.

The gainers included Vstecs Bhd, IGB Bhd, United Plantations Bhd, UMW-Neiken Group Bhd, Panasonic Manufacturing Malaysia Bhd, Allianz Malaysia Bhd, Ornapaper Bhd and Latitude Tree Holdings Bhd.

Reuters reported that Asian shares tumbled on Tuesday after US President Donald Trump stunned markets with tariffs against imports from Brazil and Argentina, recharging fears about global trade tensions, while weak US factory data added to the investor gloom.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.37%, with Australian shares dropping more than 2%, on track for their worst day in two months, it said.

Affin Hwang Capital Research said the FBM KLCI rebounded in yesterday's session, gaining 8.81 points or 0.56%, closing at 1,570.55.

"Despite a slight rebound seen in the index in yesterday's trading session, the short-term direction still remains downward. Market is likely to be negatively influenced by the drop in the US market last night.

"Presently, immediate resistance located around 1,615 while support expected to be the 1,550 level. As MACD (moving average convergence divergence) indicator on the daily chart is suggesting further possible downside, we may see the index retest the 1,550 immediate support followed with the next key level around the 1,500 area.

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

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