KLCI falls 0.66% on growing downward momentum

TheEdge Tue, Jan 14, 2020 12:54pm - 4 years View Original


KUALA LUMPUR (Jan 14): The FBM KLCI fell 0.66% at the midday break today, as selected technical indicators showed growing downward momentum despite the firmer regional markets.

At 12.30pm, the FBM KLCI lost 10.41 points to 1,574.32.

Losers led gainers 371 to 238, while 525 counters traded unchanged. Volume was 1.45 billion shares valued at RM822.37 million.

The losers included Dutch Lady Milk Industries Bhd, Hong Leong Bank Bhd, Hong Leong Financial Group Bhd, Tenaga Nasional Bhd, United Plantations Bhd, Sarawak Oil Palms Bhd, Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd and Petronas Dagangan Bhd.

The actives included Vortex Consolidated Bhd, My EG Services Bhd, DGB Asia Bhd, Yong Tai Bhd, JCY International Bhd, TDM Bhd, Sapura Energy Bhd and Rimbunan Sawit Bhd.

The gainers included Allianz Malaysia Bhd, Dufu Technology Corp Bhd, Malaysian Pacific Industries Bhd, KESM Industries Bhd, Time dotCom Bhd and Sarawak Consolidated Industries Bhd.

Reuters said Asian shares hit a seven-month high, China's yuan jumped and safe-harbour assets slipped on Tuesday, amid signs of goodwill between China and the United States, as the world's two biggest economies prepared to sign a truce in their trade war.

The US Treasury Department on Monday said China should no longer be designated a currency manipulator — a label it applied as the yuan dropped in August, it said.

Affin Hwang Capital Research said the FBM KLCI dropped 6.73 points or 0.4%, to close at 1,584.73 on Monday.

The research house said the index has been gradually sliding lower as shown by price registering lower highs and lower lows. This confirms a bearish reversal from the 1,615 immediate resistance.

"Key levels to take note: 1,615 continues to remain as a strong resistance zone while minor support calculated to be around 1,575, followed by key support at 1,550.

"Downward bias escalates, backed by key selected technical indicators, showing growing downward momentum. Anticipate the index to retest 1,575 in the near term.

"Anticipate index to trade sideways with downward bias," it said.

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