KLCI slips on Maybank, Public Bank early losses

  • Markets
  • Tuesday, 16 Oct 2018

KUALA LUMPUR: Blue chips eased early Tuesday as the FBM KLCI’s relief rebound seemed to have lost momentum, with some profit taking seen in Maybank and Public Bank.

At 9.10am, the KLCI was down 1.19 points or 0.07% to 1,727.55. Turnover was 79.20 million shares valued at RM38.81mil. There were 133 gainers, 105 losers and 139 counters unchanged.

Kenanga Research said technically, the outlook remains bearish following the emergence of an earlier “head-and-shoulders” reversal chart pattern. 

“On the shorter-term, we believe the relief rebound is losing momentum given KLCI’s gapped-down bearish pin bar yesterday. 

 “Key levels of resistance to look at are 1,735 (R1) and 1,760 (R2). Conversely, immediate support levels can be identified at 1,700 (S1) and 1,660 (S2),” it said in its research note.

On the external front, Asian stocks bounced modestly, gaining a toe-hold after a week of heavy losses, although increasing tensions between Saudi Arabia and the West fanned geopolitical concerns and capped gains, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.25%, crawling away from a 19-month trough touched on Thursday. Japan's Nikkei bounced 0.3% following a decline of nearly 2% the previous day.

At Bursa, Nestle fell 90 sen to RM144.10 and BAT 78 sen to RM34.22.

Among the banks, Public Bank fell six sen to RM24.92 and Maybank five sen to RM9.53.

TSH Resources, MI, MISC and Pentamaster fell four sen each to RM1.05, RM2.72, RM5.51 and RM3.51 respectively.

Top Glove extended its gains, up 38 sen to RM11.60 while Hartalega added seven sen to RM6.47.

KESM added 30 sen to RM13.80, CBIP 10 sen to RM1.26 and Tenaga eight sen to RM14.66 while Pestech was up eight sen also to RM1.48.
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