KLCI dips 0.32% in line with edgy regional markets


(Jan 4): The FBM KLCI retreated 0.32% in early trade this morning, tracking edgy regional markets following the overnight slump at .

At 9.05am, the FBM KLCI fell 5.43 points to 1,670.40.

The early decliners included (M) Bhd, British American Tobacco (M) Bhd, Allianz Bhd, PPB Group Bhd, Revenue Group Bhd, Tenaga Nasional Bhd, Pentamaster Corp Bhd, Bhd and IHH Healthcare Bhd.

Global markets were on edge on Friday as dire U.S. economic data slammed Wall Street and pushed investors to bet the Federal Reserve could reverse its policy tightening before the end of this year, according to Reuters.

U.S. stock futures slipped in early Asian trade with E-Minis for the S&P 500 off 0.3 percent, it said.

Kenanga IB Research said Asian stocks were mostly lower on the second trading day of 2019, as tech stocks took a beating after downgraded its sales projections.

It said that back home, the FBMKLCI gained 7.72 points (+0.46%) to close at 1,675.83.

“Despite the gain, the technical outlook continues to lean towards a downside bias as the index is still trading below its key SMAs.

“We opine that the index may continue to trend down, given the poor signals from key momentum indicators, but may find support at 1,615 (S1) or 1,600 (S2) next.

“Should the benchmark index close above the 1,700 (R1) level, we see a potential move towards the 1,750 (R2) level,” it said.


Source: The Edge

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