KLCI in the red early Tuesday, tracks key Asian markets

KUALA LUMPUR: Bursa Malaysia extended its losses for the second day on Tuesday, tracking the overnight tumble on Wall Street and weaker key Asian markets.

At 9.15am, the KLCI was down 3.37 points or 0.18% to 1,854.98. Turnover was 171.61 million shares valued at RM70.03mil. There were 73 gainers, 287 losers and 186 counters unchanged.

Asian stocks extended a global selloff and the yen rose on Tuesday as investors fled for safety as an escalating trade spat between the United States and China and a renewed slump in tech shares such as Amazon.com sapped investor confidence, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.28% pressured by the tech sector.

Japan's Nikkei slipped 1.1% while South Korea's KOSPI index skidded about 1% with Samsung Electronics down more than 1%. Australian shares were off 0.3%.

Kenanga Research said due to the uncertainties that exist in both local (pending GE14) and global market (possibility of more trade war action), “we foresee the index to continue moving sideways between 1,880 (R1) and 1,840 (S1)”.

It said a break above R1 will be an affirmative positive, with the next resistance level at 1,910 (R2). Conversely, a break below S1 will be deemed as highly negative, with the next support level is at 1,800 (S2).

Nestle fell RM4.40 to RM150.20 and BAT lost 10 sen to RM25.90 while F&N added 10 sen to RM22.50.

Genting Plantation lost 23 sen to RM9.95, Ta Ann nine sen to RM3.02. KESM fell 20 sen yo RM18.30 and Globetronic eight sen to RM3.94. iCAP fell eight sen to RM2.50.

Petron lost 21 sen to RM8.30 and Hengyuan 17 sen to RM7.25. 

Top Glove rose 16 sen to RM10.16, Rohas 10 sen to RM1.33, TimeCom and MGRC four sen higher at RM8.40 and 29.5 sen.

Telekom eked out a four sen gain to RM5.10.