KLCI pares loss as regional markets trade mixed

TheEdge Mon, Dec 23, 2019 10:26am - 4 years View Original


KUALA LUMPUR (Dec 23): The FBM KLCI pared some of its loss at mid-morning today against the backdrop of regional markets, which traded mixed ahead of the Christmas break.

At 10am, the FBM KLCI was down 3.11 points to 1,607.07. The index had earlier slipped to a low of 1,601.23.

Decliners led advancers by 281 to 220, while 280 counters traded unchanged. Volume was 441.04 million shares valued at RM231.98 million.

The decliners included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Petronas Gas Bhd, PPB Group Bhd, Southern Acids (M) Bhd, IOI Corp Bhd, Petronas Chemicals Group Bhd, QL Resources Bhd and Hap Seng Consolidated Bhd.

The actives included Brahim's Holdings Bhd, Sapura Energy Bhd, Ekovest Bhd, Rimbunan Sawit Bhd, TDM Bhd, IFCA MSC Bhd and DGB Asia Bhd.

The gainers included Ajinomoto (M) Bhd, Genting Plantations Bhd, Batu Kawan Bhd, Petronas Dagangan Bhd, MISC Bhd, Kuala Lumpur Kepong Bhd, Guan Chong Bhd and Panasonic Manufacturing Malaysia Bhd.

Bloomberg reported that Asian shares are expected to start the week mixed, with volumes remaining subdued as investors count down to the holiday break. Currencies were little changed in early Asian trading.

It said futures ticked higher in Japan and fell in Sydney, while Hong Kong contracts were little changed. US equities finished last week at a record high, the S&P 500 Index had its biggest weekly gain since September and was on pace to gain 28% this year.

Ten-year Treasuries gained Friday and the yield curve remained near its steepest in more than a year, underscoring how recession worries have receded, the newswire said.

Kenanga IB Research said Asian stocks closed mixed Friday as investors await fresh catalysts to drive the market further.

It said back home, the FBM KLCI rose by another 14.17 points or 0.89% to close at 1,610.18.

"Chart-wise, the index continued to close higher after the candlestick break above all the key SMAs few days ago.

"Coupled with bullish signal from MACD, we believe the index could move higher.

"From here, support levels to watch out for are 1,550 (S1) and 1,540 (S2). Meanwhile, key levels of resistance are identified at 1,630 (R1) and 1,650 (R2)," it said.

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