KLCI pares gains as regional markets lurch lower

TheEdge Tue, Jan 21, 2020 01:12pm - 4 years View Original


KUALA LUMPUR (Jan 21): The FBM KLCI pared some of its gains as trading turned choppy towards late morning today against the backdrop of the sudden fall at most regional markets.

At 12.30pm, the FBM KLCI was up 0.29 points to 1,589.17. The index had earlier risen to a high of 1,592.59.

Losers overtook gainers by 313 to 232, while 553 counters traded unchanged. Volume was 1.56 billion shares valued at RM909.41 million.

The top gainers included Pentamaster Corp Bhd, Top Glove Corp Bhd, Hartalega Holdings Bhd, Petronas Gas Bhd, Kossan Rubber Industries Bhd, Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Dufu Technology Corp Bhd, Supermax Corp Bhd and BIMB Holdings Bhd.

The actives included Vortex Consolidated Bhd, Yong Tai Bhd, Rimbunan Sawit Bhd, TDM Bhd, Supermax, KNM Group Bhd and Hubline Bhd.

The losers included British American Tobacco (M) Bhd, Panasonic Manufacturing Malaysia Bhd, Nestle (M) Bhd, Batu Kawan Bhd, Fraser & Neave Holdings Bhd, Aeon Credit Service (M) Bhd and Axiata Group Bhd.

Reuters reported that Asian shares took a sudden lurch lower on Tuesday as mounting concerns about a new strain of pneumonia in China sent a ripple of risk aversion through markets.

Safe-haven bonds and the yen edged higher as investors were reminded of the economic damage done by the SARS virus in 2003, particularly given the threat of contagion as hundreds of millions travel for the Lunar New Year holidays, it said.

Affin Hwang Capital Research said the FBM KLCI dropped 6.93 points or 0.4%, to close at 1,588.88 on Monday.

It said despite turning lower in yesterday's trading session, the index is still trading above the 1,575 minor support level.

"The shorter-period moving average, EMA20d is also still above the longer-period moving average, EMA50d, indicating that short-term momentum is pointing towards the upside.

"Selected key technical indicators, namely MACD, RSI & Stochastic show that further potential upside is very much in the cards.

"Hence, remain view that the index will continue trading higher moving through this week. Anticipate the index to trade sideways with upward bias," it said.

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