KUALA LUMPUR (Nov 14): The FBM KLCI pared some of its losses at the midday break on Friday, but remained in negative territory in line with regional peers.
At 12.30pm, the FBM KLCI fell 3.34 points to 1,812.47. The index had earlier slipped to its intra morning low of 1,808.70.
The top losers included Kuala Lumpur Kepong Bhd, DKSH Holdings (M) Bhd, Petronas Chemicals Group Bhd, Malaysia Airports Holdings Bhd, Danainfra Nasional Bhd, Far East Corporation Bhd, Tahps Group Bhd, Harrisons Holdings (Malaysia) Bhd, Tasco Bhd and Coastal Contracts Bhd.
The actives included Minetech Resources Bhd, IFCA MSC, TH Heavy Engineering Bhd, KNM Group Bhd, Perisai Petroleum Teknologi Bhd and Tiger Synergy Bhd.
The gainers included British American Tobacco (M) Bhd, Carlsberg Brewery (M) Bhd, Petronas Gas Bhd, My E.G. Services Bhd, LTKM Bhd, Pos Malaysia Bhd, Genting Plantations Bhd and Prestariang Bhd.
Regionally, Asian stocks dipped on Friday following fresh signs of slowing Chinese growth, with energy stocks depressed across the region as crude oil hovered near a four-year low in an oversupplied market, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent, it said.
Lee Cheng Hooi, Maybank IB head of retail research and chief chartist in a note to clients Friday said the FBM KLCI inched down 0.43 points to 1,815.81 yesterday, while the FBMEMAS and FBM100 also closed lower by 17.11 points and 10.97 points, respectively.
“We recommend a 'Sell on Rallies' stance for the index. The KLCI Nov Futures moved into a small 3.69-point premium against the FBMKLCI.
“We expect weak buying at the supports of 1,800 to 1,810, whilst heavy selling would be at the resistances of 1,815 and 1,840.
“The index will be volatile and weaker after heavy foreign selling activities since Nov 3,” he said.