Friday 29 Mar 2024
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KUALA LUMPUR (March 20): The FBM KLCI remained in negative territory at midday break today as sentiment stayed tepid in line with regional markets, while the Technology Index lost 1.65%.

At 12.30pm, the FBM KLCI shed 1.98 points to 1,845.96. The index had earlier slipped to its intra-morning low of 1,841.47.

Losers beat gainers by 480 to 149, while 486 counters traded unchanged. Volume was 977.63 million shares valued at RM733.49 million.

The top losers included Nestle (M) Bhd, British American Tobacco (M) Bhd, KLCC Property Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, Dutch Lady Milk Industries Bhd, Malaysian Pacific Industries Bhd, Poh Huat Reources Bhd, Ajinomoto (M) Bhd, Pos Malaysia Bhd, Lysaght Galvanized Steel Bhd, Astro Malaysia Holdings Bhd and Top Glove Corp Bhd.

The actives included Goodway Integrated Industries Bhd, Frontken Corp Bhd, Nexgram Holdings Bhd, Sapura Energy Bhd, Sino Hua-An International Bhd, Silver Ridge Bhd and PUC Bhd.

The gainers included Lafarge Malaysia Bhd, LBI Capital Bhd, IJM Plantations Bhd, Fraser & Neave Holdings Bhd, UMW Holdings Bhd, Axiata Group Bhd, Heineken Malaysia Bhd and Tenaga Nasional Bhd.

Asian shares fell on Tuesday after investors took profits in high-flying U.S. technology shares, on fears of stiffer regulation as Facebook came under fire, following reports it allowed improper access to user data, according to Reuters.

The retreat came as investors braced for new Federal Reserve Chairman Jerome Powell's first policy meeting starting later in the day and amid concerns U.S. President Donald Trump could impose additional protectionist trade measures, Reuters said.

Kenanga IB Research said Asian markets closed mixed as investors tread cautiously ahead of US Federal Open Market Committee’s (FOMC) meeting this week.

It said the FBM KLCI gained 1.55 points (0.08%) to 1,847.94.

“However, market breadth was negative, with 574 decliners outnumbering 332 gainers.

“Chart-wise, outlook for the index remains seemingly weak in the short-term, as key indicators continued to be indecisive, coupled with tepid trading volume.

“Key support maintained at 1,840 (S1), with a break below to see a lower support at 1,800 (S2). Conversely, a decisive takeout of key resistance at its high of 1,880 (R1) would be deemed bullish, seeing a higher resistance at 1,910 (R2),” the research house said.

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