KUALA LUMPUR: Blue chips wavered early Thursday as the growing US-China trade war crisis saw investors staying on the sidelines, unsure about the global fallout.
At 9.20am, the FBM KLCI was down 0.14 of a point or 0.01% to 1,688.63. Turnover was 175.26 million shares valued at RM79.41mil. There were 123 gainers, 168 losers and 191 counters unchanged.
Asian stocks remained under pressure from fears of an escalation in the US-China trade war, while the dollar stood stall after rallying against its peers amid the turmoil in broader markets.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.25%, Reuters reported.
Kenanga Research said despite the recent improvement in momentum indicator for the KLCI as displayed by the MACD above Signal-line, the overall outlook of the index still leaning on the weaker side.
“We maintain a lacklustre outlook of the index at this juncture, as the recent relief was only supported by lower volumes with key SMAs continue in 'Death Cross' state.
“From here, keen investors may buy-on-dips supports at 1,615 (S1) - last retested in late 2016, and 1,600 (S2) psychological level. Conversely, resistances can be identified at 1,720 (R1) and possibly 1,760 (R2),” it said.
Nestle fell the most, down RM1.20 to RM146.70 while BAT was down 42 sen to RM32.98.
HLFG lost 36 sen to RM17.48, MPI and HL Industries 14 sen to RM10.02 and RM11.04 while Hong Leong Bank lost 12 sen to RM18.30, Genting Plantation nine sen lower to RM9.21 and UMW five sen to RM5.99.
Toop Glove lost 14 sen to RM9.75 in active trade. Top Glove, which is taking legal action against Adventa
Capital Pte Ltd for alleged fraud, has had its injunction order against the latter set aside for “failure to make full disclosure of material matters.”
KL Kepong rose 36 sen to RM24.40, Takaful gained 13 sen to RM3.95, KESM and Public Bank 10 sen each to RM16.20 and RM22.90 while SAM Engineering and Vitox added nine sen each to RM6.87 and RM5.50.
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