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KLCI falls 0.32% as Tenaga, Public Bank and Genting drag

KUALA LUMPUR (Nov 20): The FBM KLCI fell 0.32% in early trade this morning, dragged by losses at key index-linked stocks including Tenaga Nasional Bhd, Public Bank Bhd and Genting Bhd.

At 9.05am, the FBM KLCI fell 5.13 points to 1,600.18.

The early decliners included Nestle (M) Bhd, Petronas Gas Bhd, PPB Group Bhd, G3 Global Bhd, Public Bank, Tenaga Nasional, Malaysia Airports Holdings Bhd, CIMB Group Holdings Bhd, Axiata Group Bhd and Genting.

Asian shares lumbered lower on Wednesday as the Sino-U.S. trade talks produced nothing but a stream of conflicting messages, while concerns about a glut of supply saw oil prices suffer their biggest spill in seven weeks, according to Reuters.

Figures from the American Petroleum Institute out late Tuesday showed a far larger rise in crude stocks than expected. That followed reports Russia was unlikely to deepen its cuts to crude output, it said.

CGS-CIMB Retail Research said the FBM KLCI eked out a marginal gain of 0.95 points yesterday as the US-China trade uncertainty has been an overhang over investor sentiment.

“The bounce off its 30-day & 50-day EMAs and also the support trend line from 1,548 low on Monday bodes well for the market.

“Today, the KLCI is likely to drift higher on the back of the positive momentum from the last couple of days.

“Meanwhile, the Bursa ACE index could potentially have another 6% upside after it broke out of its 10-month symmetrical triangle formation. Resistance: 1,620 & 1,636. Support: 1,590 & 1,577,” it said.

Source: TheEdgeMarkets