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KLCI continues decline, down 0.52% in line with region

TheEdge Wed, Dec 04, 2019 10:21am - 9 months ago

KUALA LUMPUR (Dec 4): The FBM KLCI continued its fall and was down 0.52% at mid-morning today, tracking regional losses.

At 10am, the FBM KLCI was down 8.09 points to 1,554.18.

Losers led gainers by 312 to 180, while 297 counters traded unchanged. Volume was 584.31 million shares valued at RM273.77 million.

The top losers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Chin Teck Plantations Bhd, Petronas Dagangan Bhd, Teck Guan Perdana Bhd, Digi.Com Bhd and Allianz Malaysia Bhd.

The actives included Bina Puri Holdings Bhd, Impiana Hotels Bhd, Alam Maritim Resources Bhd, Mudajaya Group Bhd, Ekovest Bhd and MTAG Group Bhd.

The gainers included United Plantations Bhd, Heineken Malaysia Bhd, UEM Edgenta Bhd, IGB Bhd and Amway (M) Holdings Bhd.

Asian shares extended their losses on Wednesday after US President Donald Trump said a trade deal with China might have to wait until after the 2020 presidential election, dashing market hopes for a quick preliminary agreement, according to Reuters.

Investors turned to safe-haven assets, boosting bond prices and sending gold to a one-month high, while MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4%, it said.

Hong Leong IB Research said with the flip-flop status in the trade developments, Wall Street will remain volatile and traders may sell down ahead of the scheduled tariffs of 15% on Dec 15 on about US$160 billion Chinese products.

"Also as President Trump [is] widening trade war on other fronts to include Brazil, Argentina and France, the upside of the Dow is likely to cap around 28,200, with the immediate support set around 27,400.

"We believe KLCI's direction will remain volatile given the uncertain developments on the trade front, especially following the restoration of tariffs on steel and aluminium imports on Brazil and Argentina by President Trump.

"Nevertheless, we opine that window-dressing activities may support KLCI in the month of December and traders may focus on index heavyweights in the near term," it said.

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