KUALA LUMPUR: Malaysia's blue chips extended their losses early Wednesday, with the FBM KLCI set to test the 1,650 support level, following declines in BAT and plantations stocks.
At 9.08am, the KLCI was down 3.68 points to 1,652.86. Turnover was 41.65 million shares valued at RM18.34mil. There were 79 gainers, 72 losers and 84 counters unchanged.
Reuters reported that investors growing wary of recent index highs and mixed signals from global equities overnight capped Asian share prices on Wednesday, while sterling remained vulnerable after weak U.K. data fed fears of a triple-dip recession.
The Dow Jones Industrial Average marked another record high close on Tuesday, rising for an eighth straight day, while European shares retreated from modest gains at the end of the session, just shy of a fresh 4-1/2-year closing high.
As for the outlook for the KLCI, Alliance Research said based on Tuesday's trading performance, buyers and sellers are aware that the 1,660 level is the 61.8% retracement of the market decline from 1,669 on Jan 4 to 1,597 on Feb 7.
“The analysis of overall daily market action on 12 Mar 2013 revealed that buying power was weaker than selling pressure, the FBM KLCI would thus be likely to trade below 1,652.67 on Wednesday,” it said.
BAT fell 50 sen to RM62.90, PetDag 22 sen to RM23.22 while Public Bank foreign shed 10 sen to RM16.06, PetGas lost eight sen to RM18.52 and KPS seven sen to RM5.81.
Among the plantations, PPB Group and KL Kepong lost 14 sen each to RM12.50 and RM20.44.
Aeon and GAB were the top gainers, up 24 sen each to RM13.70 and RM18.70 while HDBS added 15 sen to RM4.24. Emas Kiara added 9.5 sen to 46 sen, which was one sen higher tan the takeover price of 45 sen.