KUALA LUMPUR (Sept 15): The FBM KLCI stumbled at mid-morning in line with the regional weakness, weighed by losses at index-linked blue chips.
At 10.06am, the FBM KLCI stumbled 12.30 points to 1,843.34.
The top losers included BAT, Petronas Gas, Nestle, HLFG, KLK, Petronas Dagangan, KLCC, PPB, Hong Leong Bank, Ta Ann and IQ Group.
Globaltec was the most actively traded counter with 140.24 million shares done. The stock was unchanged at 10.5 sen.
The other actives included I-Bhd, Pasukhas, Luster, Focus, Nexgram, Hubline, Talam Tranform, Marco and Century Software.
The gainers included United Plantations, Brahim’s, Parkson, Litrak, My E.G., KPJ Healthcare, IJM Corp, IOI Property, MBM Resources and Carlsberg.
Regionally. Asian stocks stumbled to a five-week low on Monday after a batch of disappointing data out of China raised the spectre of a sharp slowdown in the world's second-biggest economy, according to Reuters.
The Australian dollar, considered a liquid proxy for China plays, also took a hammering and slumped to a six-month low, it said.
Hong Leong IB Research said that in the wake of last’s Friday sharp fall on KLCI and ahead of the Malaysia Day holiday tomorrow, Bursa Malaysia’s near term outlook remains negative with key focus on monetary policies meetings of FOMC (16-17 Sep) and BNM (18 Sep).
“Technically, a breakdown below 200-day moving average will trigger further downward correction towards 1818-1837 zones.
“Weekly key resistances are situated at 1860-1872,” it said.