KLCI pares loss, poised to erase loss on window dressing

TheEdge Mon, Dec 16, 2019 12:56pm - 4 years View Original


KUALA LUMPUR (Dec 16): The FBM KLCI pared some of its loss at the midday break today on some minor window dressing activities, against the backdrop of firmer regional markets.

At 12.30pm, the FBM KLCI was down 0.55 points to 1,570.61. The index had earlier slipped to a low of 1,565.59.

Losers led gainers by 302 to 243, while 526 counters traded unchanged. Volume was 1.21 billion shares valued at RM760.1 million.

The decliners included United Plantations Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Malaysian Pacific Industries Bhd, LPI Capital Bhd, Manulife Holdings Bhd, Lingkaran Trans Kota Holdings Bhd, Atlan Holdings Bhd and Panasonic Manufacturing Malaysia Bhd.

The actives included Ekovest Bhd, Iskandar Waterfront City Bhd, Tiger Synergy Bhd, Sapura Energy Bhd, WCE Holdings Bhd, DGB Asia Bhd, TDM Bhd and Sanichi Technology Bhd.

The gainers included Genting Plantations Bhd, Heineken Malaysia Bhd, Ajinomoto (M) Bhd, MISC Bhd, Hong Leong Industries Bhd, QL Resources Bhd and Allianz Malaysia Bhd.

Reuters said a broad gauge of Asian share markets hit nearly eight-month highs on Monday after the United States and China agreed a preliminary trade deal, and amid policy-easing hopes in Australia, but profit-taking and caution over the deal's details capped gains.

US Trade Representative Robert Lighthizer on Sunday said a deal was "totally done", notwithstanding some needed revisions, and would nearly double US exports to China over the next two years, it said.

Affin Hwang Capital Research said the FBM KLCI gained 3.82 points or 0.002%, to close at 1,571.34 on Friday.

It said current lethargic market anticipated to continue into this week as market likely to experience lack of fundamentally bullish catalysts towards end-December except the year end "window dressing" activity which are short-term in nature.

"Key support level is still valid at the 1,550 while immediate resistance range of between 1,585-1,615 [has] hardly been tested. Note that the underlying market sentiments remain bearish in tandem with major downtrend of the market, as such any rebounds are anticipated to be short-lived.

"Major down trend remains. 'Window dressing' play likely to unfold in the near term," it said.

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