KLCI slips early Wednesday in cautious trade, HL Bank dips

KUALA LUMPUR: Blue chips traded lower early Wednesday with profit taking seen in key stocks but the broader market was firmer, underpinned by foreign fund buying and expectations of stronger export data to be released at midday.

At 10am, the KLCI was down 3.03 points or 0.17% to 1,744.16. Turnover was 906.89 million shares valued at RM510.44mil. There were 363 gainers, 249 losers and 348 counters unchanged.

Kenanga Investment Bank Research said on an overall technical outlook, the KLCI would continue to trade sideways underpinned by the waning momentum indicators. 

“Key overhead resistance are still capped at 1,750 (R1)/1,760 (R2), while supports are tied at 1,740 (S1)/1,727 (S2),” it said.

In its assessment of the market's performance on Tuesday, Kenanga Research said investors' appetite for blue chips seems to be on hold amidst anticipation over the upcoming meeting between ahead of the meeting between US President Donald Trump and Chinese President Xi Jinping. Besides, the recent suicide bombing attack in Russia also dented the overall market sentiment. 

Bloomberg reported Asian equities were pushed higher as Chinese markets reopened following holidays and as investors await comments from the latest Federal Reserve meeting for clues on the timing of tighter US monetary policy.

Stocks in Shanghai, Hong Kong and Taiwan advanced. Japanese shares fluctuated with the yen, and South Africa’s rand steadied after a pronounced slump. The Aussie recouped some of its declines triggered by a warning from the central bank that regulators are prepared to consider further measures to tame runaway house-price growth. Oil extended Tuesday’s advance, it said.

Hong Leong Bank fell 16 sen to RM13.84 while Aeon Credit lost six sen to RM15.96. Allianz rose 14 sen to RM11.70.

Rapid Synergy lost 16 sen to RM5.43 while the rally in poultry company CAB Cakaran and its warrants hit a speed bump, falling 10 sen each to RM2.46 and RM1.90. 

KL Kepong was down eight sen to RM24.84 and Perstima seven sen lower at RM7.55.

F&N rebounded 40 sen to RM24.72 but with just 100 shares done.

MPI rose 30 sen to RM11.84, GHL System 21 sen higher at RM1.69 and JHM 17 sen to RM3.92.

Ann Joo and George Kent rose 13 sen each to RM2.53 and RM4.31.
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