KLCI slips in early trade, tech-related stocks climb

KUALA LUMPUR: Blue chips extended their decline in early Thursday trade in the absence of strong fund leads for investors but tech-related stocks offered some glimpse of opportunity.

At 9.24am, the FBM KLCI fell 4.74 points or 0.3% to 1,594.75. Turnover was 298.54 million shares valued at RM109.42mil. There were 140 gainers, 153 losers and 220 counters unchanged.

Asian shares edged higher, tracking some modest Wall Street gains after the US Federal Reserve cut interest rates as expected but offered mixed signals on the next easing, keeping investors cautious, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.03%. Japan’s Nikkei rose 0.46%, while Australian shares rose 0.23%. US stock futures were down 0.06% in Asia on Thursday.

On the technical outlook for the KLCI, Kenanga Research said the underlying trend of the index remains bearish as the index remains below 50- and 100-day SMAs. Should the selling pressure persist, key support levels can be seen at 1,570 (S1) and 1,550 (S2).

Nestle fell 50 sen to RM146 with 100 shares done, BAT 22 sen lower at RM20.10 but F&N recovered to climb 46 sen to RM35.86 with 200 shares traded.

Chip maker MPI fell 31 sen to RM9.05 with 3,200 shares done.

However, companies involved in the semicon and precision parts segment such as MI rose seven sen to RM2.23, Dufu gained six sen to RM2.58 and Globetronics five sen higher at RM1.83. Greatec added three sen to RM1.53 in active trade.

As for plantations, KL Kepong fell 20 sen to RM23.16 with 100 shares done and PPB Group lost 16 sen to RM18.06 with 200 units traded.

Source: TheStar