Friday 29 Mar 2024
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KUALA LUMPUR (Nov 12): The FBM KLCI dipped below the 1,820-point level in early trade on Wednesday, dragged by losses at index-linked banking and plantation counters.

At 9am, the FBM KLCI fell 6.22 points to 1,818.89.

The top losers included IJM Plantations Bhd, Genting Plantations Bhd, British American Tobacco (M) Bhd, Cahya Mata Sarawak Bhd, Hong Leong Financial Group Bhd, Sime Darby Bhd, AMMB Holdings Bhd, RHB Capital Bhd, IJM Corporation Bhd and Hong Leong Bank Bhd.

Regionally, Japanese stocks scaled seven-year highs on Wednesday on growing expectations Prime Minister Shinzo Abe will postpone a planned sales tax hike to avoid damaging a fragile recovery, and call a snap election to bolster his political standing, according to Reuters.

Equity markets in the rest of Asia moved little after a flat close in a holiday-thinned Wall Street session, with MSCI's broadest index of Asia-Pacific shares outside Japan off just 0.1 percent in early trade, it said.

Hopng Leong IB Research in a marker preview Wednesday said that the technical outlook remains negative as the FBM KLCI was lingering below the 10-d/50-d SMA/100-d/200-d SMAs coupled with negative oscillators.

“For a resumption of an upward momentum towards 1850 again, the FBM KLCI must rebound quickly to surpass 10-d SMA (now at 1838) levels.

“Otherwise, a crack of the lower 1816 (38.2% FR) will trigger more selldown towards 1800 zones,” it said.

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