KUALA LUMPUR: Blue chips snapped the recent losing streak and the FBM KLCI edged past the crucial 1,600 level early Wednesday, shored up by gains in Hong Leong Bank, Dialog Group
, Petronas Gas and Digi.
At 9.12am, the KLCI was up 4.69 points or 0.29% to 1,603.88. Turnover was 296.35 million shares valued at RM81.47mil. There were 223 gainers, 81 losers and 170 counters unchanged.
Reuters reported Asian stocks struggled near a 3-1/2-month low on lingering concerns over the economic impact of a US-China trade war, although an overnight bounce on Wall Street helped limit the losses.
MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.05%. The index had fallen to its lowest level since the end of January the previous day. Australian stocks added 0.07%, South Korea's KOSPI slipped 0.1% and Japan's Nikkei shed 0.4%.
Kenanga Research said the KLCI, after falling past 1,600 on Tuesday, was on a downtrend and there was no technical indicator that showed a potential reversal is at play.
“From here, global negative news and overall weak investor sentiment will likely see the index head towards its supports at 1,585 (S1) and 1,570 (S2). Conversely, resistance can be identified at 1,640 (R1) and 1,660 (R2) if there is unexpected positive news flow,” it said.
At Bursa, Dialog rose 24 sen to RM3.31 after posting a strong of earnings in its third quarter while HL Bank also added 24 sen to RM19.62, Petronas Gas 18 sen to RM16.68 and Digi 10 sen to RM4.67.
F&N rebounded 48 sen to RM34.34 with 2,100 shares done, BAT 20 sen higher at RM33.90, Can-One
10 sen to RM3.20 and Ho Hup eight sen higher at 66.5 sen.
KL Kepong lost 22 sen to RM24.16, Tenaga 10 sen to RM11.70, MPI nine sen to RM9.53 while Carlsberg lost eight sen to RM25.22.