Selling pressure on Bursa continues for third day

KUALA LUMPUR: The local market continued to slip on Wednesday as a deadline for a potential trade deal between the US and China loomed, and the odds of another deadline extension seemed increasingly likely.

At 9.15am, the FBM KLCI was down 0.92 points to 1,560.87. Trading volume was 1.71.07 million shares valued at RM77.77mil. There were 160 gainers versus 138 decliners and 206 counters unchanged.

The index continued to look negative below its key simple moving averages coupled with bearish indicators, said Kenanga research.

However, it said there was potential for a technical rebound in the near term given the oversold conditions of the stochastic indicator.

“From here on, the overhead resistance can be seen at 1,630 (R1) and 1,650 (R2). Conversely, immediate support levels can be found at 1,550 (R1) and 1,540 (R2),” it said.

MSCI’s broadest index of Asia-Pacific shares outside Japan were little changed while Japan’s Nikkei was lower after White House trade adviser Peter Navarro said a decision on the Dec 15 tariffs would come soon.

Among the KLCI-linked counters putting on early gains was MISC up six sen to RM8.36, Genting rising six sen to RM5.85 and Top Glove gaining six sen to RM4.47.

Slipping into the red, Petronas Dagangan was down 20 sen to RM22.30, Tenaga fell eight sen to to RM13.18 and Hong Leong Bank dropped six sen to RM16.74.

Top actively traded stocks were WCE up one sen to 31.5 sen, Solarvest jumping four sen to 90.5 sen and Media Chinese International gaining 0.5 sen to 22 sen.

Source: TheStar