KUALA LUMPUR: Bursa Malaysia extended its losses early Thursday on selling of Petronas-linked stocks and Tenaga Nasional as investors decided to stay on the sidelines due to the current disappointing corporate results and weak sentiment.
At 9.25am, the KLCI was down 6.04 points or 0.36% to 1,689.33. Turnover was 245.04 million shares valued at RM102.59mil. There were 100 gainers, 203 losers and 174 counters unchanged.
Asian shares inched up while oil rebounded from a steep sell-off, though rising US interest rates and escalating trade tensions kept financial markets on edge amid signs of slackening global growth, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan tacked on 0.2%, Japan's Nikkei rose 0.5% while Australian shares advanced 0.6%.
US West Texas Intermediate (WTI) crude futures, were at US$53.71 per barrel at 0051 GMT, eight cents above their last settlement.
On the technical outlook for the KLCI, Kenanga Research said it remains fragile for now as the index is still hovering below key SMAs. Should there be further positive development, we may review our stance.
“From here, immediate support levels to watch for are 1,680 (S1) and 1,650 (S2) where a break below, would complete the descending triangle pattern.
“Should the market sentiment improve from here, key levels of resistance to look for are at 1,740 (R1) and 1,760 (R2),” it said.
Nestle fell the most, down RM1.70 to RM146.10 with just 100 shares done. BAT was down 10 sen to RM38.48.
Petronas Gas lost 20 sen to RM26.70, Petronas Gas 14 sento RM18.56 and Tenaga 10 sen to RM14.70.
Pos Malaysia fell 24 sen to RM2.96 in active trade after posting losses in its second quarter ended Sept 30.
Profit taking saw YSP Southeast Asia fall 11 sen to RM2.90. Kotra added five sen to RM1.75.
Plantation stocks climbed with United Plantations up 22 sen to RM27, PPB Group 10 sen to RM17.10, Kim Loong and KL Kepong six sen each to RM1.26 and RM24.94.