KUALA LUMPUR: US President Donald Trump’s threat about additional tariffs on Chinese goods continued to worry investors and the FBM KLCI extended its losses in early Thursday trade.
At 9.21am, the KLCI was down 8.25 point or 0.51% to 1,625.30. Turnover was 226.69 million shares valued at RM99mil. There were 127 gainers, 169 losers and 223 counters unchanged.
President Donald Trump said on Wednesday that China "broke the deal" in trade talks with Washington and would face stiff tariffs if no agreement is reached, Reuters reported.
Trump has threatened to impose additional tariffs on Chinese goods beginning on Friday after China backtracked on substantial commitments it made during ongoing trade talks, top US trade officials said this week.
On the technical outlook for the KLCI, Kenanga Research said the 30-stock index has been consolidating for the past few weeks and that the primary downtrend of the index is still intact as all shorter-term SMAs are trading below longer-term SMAs.
“However, the recently announced rate cut by Bank Negara could be the much-needed catalyst to spur the market.
“Should the index break above the 100-day SMA, it could potentially signal a reversal. We look towards 1,660 (R1), where a break above would see it head towards the 1,700 (R2) level. Conversely, support levels can be identified at 1,615 (S1) and 1,600 (S2),” it said.
Nestle slid RM2.10 to RM146.30 while F&N gave up 28 sen to RM33.58 and Carlsberg lost 18 sen to RM25.24 in thin trade.
Petronas Dagangan fell 24 sen to RM24, Scientex 20 sen to RM8.60 while Tasek fell 15 sen to RM5.33. MAHB slipped 11 sen to RM7.19 and HL Bank 10 sen lower at RM19.76.
TTV, or TT Vison Holdings which was listed on the technology section of the LEAP Market, rose five sen to 23 sen.
Poultry stocks attracted attention after the strong take-up rate for Lay Heong International’s IPO. Teo Seng rose four sen to RM1.32, Lay Hong and its warrants added 1.5 sen each to 48 sen and 22.5 sen.
Petron was the top gainer, up eight sen to RM6.70 while Bursa and LC Titan added four sen each to RM6.37 and RM3.50.
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