KLCI pares loss but sentiment stays bearish

KUALA LUMPUR (Jan 17): The FBM KLCI pared some of its losses at midday break but sentiment stayed bearish, in line with regional markets.

KUALA LUMPUR (Jan 17): The FBM KLCI pared some of its losses at midday break but sentiment stayed bearish, in line with regional markets.

At 12.30pm, the FBM KLCI was down 2.22 points to 1,823.81. The index earlier slipped to its intra-morning low of 1,821.54.

Market breadth was negative with 420 losers and 203 gainers, while 582 counters traded unchanged. Volume was 2.84 billion shares valued at RM982.86 million.

The top losers included Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, United Plantations Bhd, Magni-Tech Industries Bhd, Panasonic Manufacturing Malaysia Bhd, ViTrox Corp Bhd, Petronas Gas Bhd, Carlsberg Brewery Malaysia Bhd and Unisem (M) Bhd.

The actives included Sumatec Resources Bhd, NetX Holdings Bhd, Xinghe Holdings Bhd, Perisai Petroleum Teknologi Bhd, Globaltec Formation Bhd and UMW Oil & Gas Corp Bhd.

The gainers included Nestle (M) Bhd, Hartalega Holdings Bhd, Top Glove Corp Bhd, Petron Malaysia Refining & Marketing Bhd, Hengyuan Refining Company Bhd, Ibraco Bhd, Genting Bhd and Fraser & Neave Holdings Bhd.

Asian stocks stepped back from a record high on Wednesday as the region’s resource shares were hit by falling oil and commodity prices, while digital currencies tumbled on worries about tighter regulations, according to Reuters.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.15% from its record high as resource shares declined, after oil and other commodities succumbed to profit-taking after recent gains, Reuters said.

Affin Hwang IB senior associate director and head of retail research Datuk Dr Nazri Khan Adam Khan said US stocks sank, retreating from all-time highs as commodities producers and industrial shares took a hit with oil and metals in decline.

He said the S&P 500 index fell 0.4% to 2,776.42. The Dow fell by 10.33 points to 25,792.86.

“Stocks on Bursa Malaysia are anticipated to take a breather, after strong rally above 1,800 level.

“Immediate support range expected to be firmed between 1820-1800 points.

“Medium and long-term investors, both local and foreign, are anticipated to accumulate quality stocks on price weakness on the back of positive global economic growth outlook, firmer crude oil prices and stronger ringgit,” Dr Nazri said.

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