Cautious start for KLCI as Public Bank, PChem and Tenaga weigh

KUALA LUMPUR: Blue chips started Wednesday on a cautious footing on Wednesday as the FBM KLCI gave up most of its previous day’s gains, weighed by losses in Public Bank, Petronas Chemical and Tenaga Nasional.

At 9.32am, the KLCI was down five points or 0.3% to 1,674.42. Turnover was 347.13 million shares valued at RM160.23mil. There were 169 gainers, 103 losers and 186 counters unchanged.

Kenanga Research reaffirmed its view that the technical outlook of the KLCI was still leaning towards downside bias as key SMAs remains in “Death Cross” state. 

“Continuous negative momentum will see it trend closer to its support level at 1,615 (S1) with a break below, will then see the index capitulate towards 1,600 (S2). Conversely, resistances can be identified at 1,700 (R1) and 1,750 (R2),” it said.

Asian shares took a breather after rallying the previous day on Chinese stimulus hopes, with investors assessing Brexit options after British lawmakers trounced Prime Minister Theresa May's deal to pull out Britain from the European Union, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan was off a touch, having swung up on Tuesday after Chinese officials came out in force to signal more measures to stabilise a slowing economy.

Among the KLCI stocks, Public Bank fell 28 sen to RM24.70, Petronas Chemical 12 sen to RM8.15, Tenaga 10 sen to RM13.74 and Hong Leong Bank eight sen lower at RM20.62. KL Kepong fell eight sen to RM24.22.

F&N was the top loser, down 40 sen to RM33.28 with just 200 shares done. QL Resources lost seven sen to RM6.68 and ABMB six sen to RM4.14.

Supreme Consolidated, which made its debut on the LEAP Market, was up 10 sen to 60 sen.

Aeon Credit was the top gainer, up 24 sen to RM15.74, Heineken 14 sen to RM19.96 and BAT 12 sen to RM36.90.