KLCI sees consolidation as US-China trade talks dominate market action

  • Markets
  • Monday, 25 Nov 2019

KUALA LUMPUR: The FBM KLCI continued along a consolidation channel in morning trade as the US-China trade dispute continued to drag in with few fresh details on progress in the negotiations.

At 12.30pm, the index was down 2.2 points to 1,594.64. Trading volume was 1.53 billion shares valued at RM703.29mil. There were 456 decliners versus 302 gainers and 345 counters unchanged.

According to Kenanga research, the market is expected to experience a near-term consolidation as it remains above the 50-day simple moving average.

"From here on, overhead resistance can be seen at 1,630 (R1) and 1,650 (R2). Conversely, key support levels can be found at 1,570 (S1) and 1,550 (S2)," it said.

Gainers in the morning session included Petronas Dagangan climbed 18 sen to RM24.28, MISC rising seven sen to RM8.38 and PPB adding six sen to RM18.32.

Laggards on the KLCI included Maxis shaving five sen to RM5.26, Petronas Gas dropping 12 sen to RM16.28 and Petronas Chemicals falling three sen to RM7.08.

Taking the spotlight in morning trade, Master-Pack was 34 sen higher at RM2.35 after having surged to a record RM2.49 earlier in the day on the back of stellar earnings growth in the recently concluded quarter.

Top actively traded stocks were Eduspec flat at 2.5 sen, Bumi Armada down one sen at 49.5 sen and Ekovest down 0.5 sen at 82.5 sen.

Some positive comments from Washington set oil prices on a stronger footing on Monday. US crude gained ine cents to US$57.86 a barrel and Brent crude rose 13 cents to US$63.52 a barrel.

In currencies, the ringgit was 0.1% lower against the US dollar at 4.1750. It dropped 0.25% against the pound sterling at 5.3632 and 0.1% weaker against the Singapore dollar at 3.0604.

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