KLCI sinks deeper into the red at midday

KUALA LUMPUR: The FBM KLCI remained in negative territory at midday amid cautious sentiments across the region as central banks globally raise rates.

At lunch break, the market barometer closed down 6.74 points, or 0.47% to 1,432.42, dragged by losses in plantation and PETRONAS-linked stocks.

The broader market sagged, with decliners overtaking advancers 430 to 244 while 343 counters were unchanged. Turnover was one billion shares valued at RM689.7mil.

Malacca Securities believes the local bourse is likely to stay cautious and remain downward bias as investors continued to price in more aggressive interest rate hike going forward.

It noted that investors may watch for Malaysia’s inflation rate to gauge the upcoming overnight policy rate (OPR) outlook by Bank Negara.

Hong Leong Investment Bank Research said the bears were in total control after violating multiple key supports to record its sixth decline out of seven trading days.

“We reiterate that an extended downward consolidation may prevail within our envisaged 1,436 (76.4% FR), 1,418 and 1,408 (25M low) supports unless KLCI could swiftly reclaiming above 1,45 4 (61.8% FR), 1,468 (50% FR) and 1,485 (downtrend line) hurdles,” it said.

On Bursa Malaysia, Nestle tumbled 60 sen to RM127.80, Kuala Lumpur Kepong eased 32 sen to RM21.66, Malaysian Pacific Industries lost 26 sen to RM28.88 and Panasonic Manufacturing fell 20 sen to RM23.68.

Heineken Malaysia rose 18 sen to RM23.50, Hextar Technologies added 15 sen to RM2.70, Bonia climbed 11 sen to RM2.05 and Dutch Lady gained 10 sen to RM31.20.

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KLCI , Bursa Malaysia , FBM KLCI


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