Cautious start to the week for KLCI

KUALA LUMPUR: Blue chips got off on a cautious note on Monday, in line the key Asian markets, as investors were staying mostly on the sidelines in the absence of strong leads from funds.

At 9.10am, the FBM KLCI was down 0.29 of a point or 0.02% to 1,679.51. Turnover was 184.123 million shares valued at RM112.46mil. There were 145 gainers, 145 losers and 193 counters unchanged.

Asian shares pulled back after US employment data raised doubts about the strength of the global economy while investor jitters ahead of crucial Brexit votes in the UK parliament this week weighed on the pound, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed from Friday's three-week low. Japan's Nikkei gained 0.4% in early trade after four consecutive sessions in the red last week.

Kenanga Research expects the KLCI to continue its tepid trade over the week in the absence of fresh domestic catalyst coupled with uncertain global sentiment. 

“Should there be negative developments from the trade talks, support levels can be identified at 1,650 (S1) and 1,630 (S2) further down. Conversely, overhead resistances are still capped at 1,780 (R1) and 1,800 (R2),” it said.

Serba Dinamik fell 12 sen to RM3.76, Imaspro lost nine sen to RM2.14, Tenaga eight sen to RM12.62 while MPI and Favelle Favco lost six sen each to RM9.84 and RM2.77.

Carlsberg gained 14 sen to RM25.98, Dayang 10 sen to RM1.68, CSC Steel eight sen to RM1.15 while Westports climbed seven sen to RM3.82 and Public Bank six sen higher at RM24.56.