Tech sell-off on Wall Street weighs on KLCI


: Bursa joined key Asian markets to start Tuesday on a weak note as the tech sell-off on weighed on investor sentiment while weaker data from also added to the cautious outlook.

At 9.22am, the KLCI was down 5.47 points or 0.31% to 1,764.79. Turnover was 304.39 million shares valued at RM114.54mil. There were 137 gainers, 216 losers and 247 counters unchanged.

Growth in China’s services industry in July moderated for the first time in five months, an official survey showed, a sign activity is slowing in a major part of the world’s second largest economy, Reuters reported.

The official non-manufacturing Purchasing Managers’ Index (PMI) fell to 54.0 from 55.0 in June, well above the 50-point mark that separates growth from contraction.

Oil prices slipped after a report showed that Opec production reached a 2018 high in the month of July, although the losses were limited as concerns about supply lingered.

September crude futures fell seven cents to US$74.90 a barrel while US West Texas Intermediate crude futures (WTI) were down six cents at US$70.08.

On the technical outlook for the KLIC, Kenanga Research said it was still positive-bias based on the bullish stance on MACD and RSI indicators.

“Expect a continuation towards next resistance at 1,790 (R1) and 1,830 (R2) further up. Meanwhile, support levels can be identified at 1,720 (S1) and 1,700 (S2),” it said.

At Bursa, F&N fell the most, down 58 sen to RM36.90, BAT was down 46 sen to RM24.10 but rose 30 sen to RM147.80.

PPB Group lost 16 sen to RM16.42, Maybank 11 sen to RM9.74, Tenaga 10 sen to RFM15.04 while IHH was down seven sen to RM5.89 and Press Metal six sen lower to RM4.54.

Top Glove lost 12 sen to RM9.96.

Puncak Niaga jumped 8.5 sen to 65.5 sen in active trade. MAHB added six sen to RM9.13 while PLB gained five sen to RM1.61.

Source: The Star

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