KLCI retreats in line with regional markets

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KUALA LUMPUR (Sept 15): The FBM KLCI retreated in early trade on Monday as mosr regional markets stumbled on the back of disappointing data from China.

At 9am, the FBM KLCI was down 2.50 points to 1,853.14.

The top losers included Petronas Gas, Nestle, BAT, Tenaga, Sarawak Oil Palms, IJM Land, Westports, Media Prima, HCK, S P Stia and Public Bank.

Regionally. Asian stocks stumbled to a five-week low on Monday after a batch of disappointing data out of China raised the spectre of a sharp slowdown in the world's second-biggest economy, according to Reuters.

The Australian dollar, considered a liquid proxy for China plays, also took a hammering and slumped to a six-month low, it said.

JF Apex Research said the FBM KLCI plunged 10.47 points to 1855.64 points last Friday.

“The index is under pressure and could test the support of 1850 points.

“The KLCI could turn bearish if the support level and 200-day moving average fail to hold,” it said.