KLCI opens lower as Petronas stocks drag, stays below 1,600-level

KUALA LUMPUR (Nov 14): The FBM KLCI opened lower Thursday and remained below the 1,600-point level, weighed by key index-linked stocks including Petronas counters, tracking lacklustre regional markets.

At 9.05am, the FBM KLCI dipped 1.02 points to 1,596.20.

The early decliners included Malaysian Pacific Industries Bhd, Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, QL Resources Bhd, Carlsberg Brewery Malaysia Bhd, Petronas Chemicals Group Bhd, Favelle Favco Bhd, British American Tobacco (M) Bhd, Choo Bee Metal Industries Bhd and Tien Wah Press Holdings Bhd.

Reuters said Asian stocks clung to tight ranges on Thursday as investors awaited key Chinese data for clues on how much the 16-month trade war between Beijing and Washington has hit growth in the world’s second-largest economy.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.01%. Australian shares were up 0.12%, while Japan’s Nikkei stock index fell 0.02%, it said.

Kenanga IB Research said Asian stocks fell over confusing signals on the US-China trade talk progress and intensifying unrest in Hong Kong.

It said back home, the FBM KLCI lost 12.51 points or 0.78% to close at 1,597.22, tracking regional markets.

“Short-term consolidation could be the case for this week trading, given momentum indicators displaying some weaknesses as seen in the RSI and Stochastic.

“With that, support levels can be identified at 1,570 (S1) and 1,550 (S2).

“Should market sentiment improves, key levels of resistance to look for are at 1,630 (R1) and 1,650 (R2),” it said.

Source: TheEdgeMarkets