Friday 02 Jun 2023
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KUALA LUMPUR (Oct 15): The FBM KLCI trended lower at mid-morning today as the underlying trend remained bearish, against the backdrop of cautious regional markets.

At 10am, the FBM KLCI dipped 1.13 points to 1,566.46.

Losers led gainers by 242 to 214, while 316 counters traded unchanged. Volume was 664.35 million shares valued at RM307.92 million.

The losers included Perusahaan Sadur Timah Malaysia (Perstima) Bhd, Oriental Interest Bhd, PPB Group Bhd, Petronas Chemicals Group Bhd, QL Resources Bhd, Cycle & Carriage Bintang Bhd and Top Glove Corp Bhd.

The actives included NetX Holdings Bhd, KNM Group Bhd, Bumi Armada Bhd, Green Packet Bhd, Sapura Energy Bhd and Sino Hua-An International Bhd.

The gainers included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Carlsberg Brewery Malaysia Bhd, Allianz Malaysia Bhd, Aeon Credit Service (M) Bhd, Hong Leong Industries Bhd, Fraser & Neave Holdings Bhd, AME Elite Consortium Bhd and Atlan Holdings Bhd.

Asian stocks and Wall Street futures inched higher on Tuesday as some investors held out hope that Britain still had a chance to avoid a messy exit from the European Union at key negotiations this week, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.01%. Australian shares were up 0.12%, while Japan's Nikkei stock index rose 1.38%, it said.

Kenanga IB Research said Asian markets closed higher yesterday, tracking gains from the Dow after an announcement of an initial US-China trade agreement from US President Donald Trump.

It said back home, the FBM KLCI rose 10.75 points or 0.69% to close at 1,567.59.

"Chart-wise, underlying trend remains bearish as the index is trading below all the key SMAs (simple moving averages).

"However given near oversold signals from RSI (relative strength index) and stochastic, we do not discount the possibility of a rebound rally.

"Support levels can be identified at 1,550 (S1) and 1,510 (S2), while overhead resistance levels can be found at 1,630 (R1) and 1,650 (R2)," it said.

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