KLCI crosses below 50-day moving average as sentiment sours


  • Markets
  • Thursday, 28 Nov 2019

KUALA LUMPUR: The FBM KLCI passed under the 50-day simple moving average on Thursday, as fears over US backing for Hong Kong pro-democracy supporters threatened to derail a trade deal with China.

The moving average, which is an indicator of market sentiment, has been breached several times this week as investors turned cautious over the trade negotiations.

At 12.30pm, the FBM KLCI was down 3.58 points to 1,583.6. Trading volume was 1.19 billion shares valued at RM604.59mil. There were 462 decliners versus 218 gainers and 345 counters unchanged.

Maybank closed for the midday break eight sen lower at RM8.50. During the market break, the country's largest bank by assets posted a year-on-year earnings growth of 1.7% for 3Q at RM2.04bil.

In other banks, CIMB also slid five sen to RM5.20 while Hong Leong Bank climbed 40 sen to RM17.26.

Meanwhile, telco Maxis slid five sen to RM5.36 while Digi lost seven sen to RM4.54.

Glove makers were also in the red as Top Glove fell nine sen to RM4.52 and Hartalega dropped two sen to RM5.28.

OVer the broader market, consumer stocks were on the backfoot. Carlsberg dropped 66 sen to RM27.04, Heneiken slipped 32 sen to RM25.88 and BAT shed 18 sen to RM16.40.

Among the top traded counters, Yong Tai rose 0.5 sen to 22 sen while Solarvest retreated 7.5 sen to 74.5 sen following two days of stellar gains.

Oil markets extended their losses from the previous session amid rising stocks and record production.

US crude fell 23 cents to US$57.88 a barrel and Brent crude dropped 21 cents to US$63.85 a barrel.

In currencies, the ringgit was flat against the US dollar at 4.1720, and the Singapore dollar at 3.0542. It fell 0.1% against the pound sterling at 5.3931.

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