by Theleaders-Online | October 4, 2019 2:47 am
KUALA LUMPUR: The FBM KLCI fell 0.35% to remain at a four-year low at mid-morning today, despite the uptrend at regional markets as domestic sentiment remained wary.
At 10am, the FBM KLCI fell 5.53 points to 1,558.65.
Gainers led losers by 240 to 178, while 268 counters traded unchanged. Volume was 383.58 million shares valued at RM209.02 million.
The top losers included Kuala Lumpur Kepong Bhd, Petronas Chemicals Group Bhd, Panasonic Manufacturing Malaysia Bhd, Malaysian Pacific Industries Bhd, British American Tobacco (M) Bhd and RHB Bank Bhd.
The actives included Vsolar Group Bhd, Sapura Energy Bhd, Bumi Armada Bhd, Green Packet Bhd, MTAG Group Bhd, Prinsiptek Corp Bhd, FoundPac Group Bhd and i-Stone Group Bhd.
The gainers included Nestle (M) Bhd, Heineken Malaysia Bhd, ViTrox Corp Bhd, Guan Chong Bhd, Magni-Tech Industries Bhd, Tong Herr Resources Bhd, KESM Industries Bhd, Carlsberg Brewery Malaysia Bhd, G3 Global Bhd and Maxis Bhd.
Asian stocks edged higher today, thanks to gains on Wall Street, but the mood was cautious before a key US job report that could help determine whether the Federal Reserve cuts interest rates further, according to Reuters.
Investors have been caught out by a set of weak US data this week, including surveys on services and manufacturing sectors, deepening fears the Sino-US trade war is starting to hurt growth in the world’s biggest economy, it said.
Kenanga IB Research said Asian stock fell after US announced new tariffs on European Union’s goods.
It said back home, the FBM KLCI dropped 10.78 points or 0.68% to end at 1,564.12.
“Chart-wise, the index is trading below all the key SMAs (simple moving averages) coupled with negative MACD (moving average convergence divergence) indicator.
“Hence, we opine that bearish sentiment remains intact until further signal warrants a trend reversal.
“Key support levels to watch out for are 1,550 (S1) and 1,510 (S2). Conversely, overhead resistance levels can be found at 1,630 (R1) and 1,650 (R2),” it said.
The Edge Markets
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