KUALA LUMPUR: Tech-related stocks fell in early Tuesday trade, following the overnight slump of the Nasdaq on growing worries about the fallout from the US imposed curbs last week on China's Huawei.
At 9.11am, the FBM KLCI was down 0.03% to 1,604.93. Turnover was 154.90 million shares valued at RM77.96mil. There were 81 gainers, 205 losers and 176 counters unchanged.
Bloomberg reported Asian stocks opened to modest losses as investors digested moves by the US against Huawei Technologies Co. that sank US technology shares overnight. The yuan continued to trade near a six-month low.
Stocks dipped in Tokyo and Sydney, and were little changed in early trading in Seoul. Futures pointed to losses in Hong Kong and China.
Oil prices edged up on signs Opec will continue withholding supply this year and as tensions between the US and Iran escalated, according to Reuters.
Brent crude futures were at US$72.07 per barrel at 0033 GMT, up 10 cents. US West Texas Intermediate (WTI) crude futures rose 14 cents to US$63.24 per barrel.
Meanwhile, Kenanga Research said the KLCI was on a downtrend and there was no technical indicator that shows a potential reversal is at play.
“From here, global negative news and overall weak investor sentiment will likely see the index head towards its supports at 1,585 (S1) and 1,570 (S2). Conversely, resistances can be identified at 1,640 (R1) and 1,660 (R2) if there is unexpected positive news flow,” it said.
Chip maker and tech-related stocks were the top losers with MPI down 13 sen to RM9.37, Pentamaster 10 sen to RM4.24, Inari eight sen to RM1.42 and MI six sen lower at RM1.65.
BAT fell 40 sen to RM33.70 and F&N 12 sen to RM33.10 but Nestle rose RM1.30 to RM146.80.
KL Kepong and PPB Group lost RM24.08 and RM18.48. Axiata was down six sen to RM4.38. However, Sime Plantation climbed 11 sen to RM4.79 and Sarawak Plantation five sen to RM1.63.
Takaful gained 16 sen to RM6.22 and Public Bank 12 sen to RM22.54 while AmBank edged up eight sen to RM4.43.
Limited time offer:
Just RM5 per month.
