KUALA LUMPUR: Blue chips were unable to hold on to their early gains on Monday as selling of Tenaga Nasional and Petronas Chemicals pushed the FBM KLCI into the red.
At 9.31am, the KLCI was down 0.84 of a point of 0.05% to 1,597.48. Turnover was 228.89 million shares valued at RM115.18mil. There were 156 gainers, 195 losers and 201 counters unchanged.
Asian stocks kicked off in mixed fashion following three weeks of declines on US-China trade tensions. The euro steadied as mainstream European Union parties held their ground against populists in elections for the bloc’s Parliament, Bloomberg reported.
Japan's Nikkei 225 rose 0.36%, Korea's Kospi added 0.12% but Taiwan's Taiex fell 0.02%. Singapore's STI shed 0.08%.
On the technical outlook for the KLCI, Kenanga Research said it was on a downward trend and there was no technical indicator that showed a potential reversal was 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, resistances can be identified at 1,630 (R1) and 1,650 (R2) if there is unexpected positive news flow,” it said.
Tenaga fell 18 sen to RM11.36 and Petronas Chemicals 17 sen to RM8.58 but Petronas Dagnagan added 24 sen to RM24.82.
MPI fell 18 sen to RM8.62 after it posted a set of weaker earnings.
US light crude oil shed one cent to US$58.62 but Brent gained 19 cents to US$68.88.
Petron lost 12 sen to RM6.40.
KL Kepong rose 18 sen to RM24.36 and United Plantations 16 sen to RM26.50 in thin trade.
RHB Bank added 11 sen to RM5.76 and MISC eight sen to RM6.60.
Master-Pack Group jumped 14 sen to 84.5 sen.