KUALA LUMPUR: The FBM KLCI extended its losses and fell nearly 13 points down as investors stayed on the sidelines ahead of the expected US rate hike later this week.
At 12.30pm, the KLCI fell 12.53 points to 1,627,61. Turnover was 910.1 million shares valued at RM672.1mil. There were 117 gainers, 731 decliners and 218 counters unchanged.
Reuters reported Asian stocks fell on Monday and China's yuan hit fresh 4-1/2 year lows as plunging oil prices added to investors' nervousness about riskier assets ahead of an expected US rate rise by the Federal Reserve later in the week.
The People's Bank of China (PBOC) on Monday continued guiding the currency lower, setting the yuan/dollar official midpoint at its weakest since July 2011, it said.
China decision to loosen its grip on the yuan and allow slow but steady depreciation in recent weeks had added to concerns that the world's second-biggest economy may be more fragile than expected, the report added.
Meanwhile, HLIB Research said in a note that the local market outlook for the week remains soft mainly due to lower crude oil prices and ringgit as well as ahead of the FOMC meeting on 15-16 Dec.
"On chart wise, “Three Black Crows” candlestick pattern amid widening Bollinger band depicted more selling pressure ahead.
"Hence, investors are advised to stay alert and monitor for stop loss in the event of a further selldown in local stocks," it said.
Immediate supports are 1,633, 1,615 and 1,600 areas. Key resistances are 1,653, 1,660 and 1,674.
At Bursa Malaysia, PetGas fell 50 sen to RM22.18 and PetDag 40 sen to RM24.18.
United Plantations fell 20 sen to RM26.
BAT fell 82 sen to RM56.18 and Dutch Lady
18 sen to RM47.60.
MPI fell 17 sen to RM9.05 and Top Glove 16 sen to RM11.14.
HLFG rose 16 sen to RM13.88 and Pestech eight sen to RM6.94.
Gas Malaysia rose nine sen to RM2.29.
US light crude oil fell 12 cents to US$35.50
Brent fell 18 cents to US$37.75
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