KLCI Extends Losses Early Thursday - Malaysia’s stock market continued to underperform the key Asian peers as the FBM KLCI extended its decline led by MAHB, Petronas Chemicals and Petronas Gas though volume was thin.
At 9.06am, the KLCI was down 1.82 points or 0.1% to 1,742.38. Turnover was 136.81 million shares valued at RM33.51mil. There were 105 gainers, 80 losers and 199 counters unchanged.
Asia stocks hovered near a decade high on Thursday following another record breaking day on Wall Street, while the New Zealand dollar rallied as hawkish-sounding statements by the country's central bank boosted the recently battered currency, Reuters reported.
MSCI's broadest index of Asia-Pacific shares outside Japan was up a fraction and in close reach of a 10-year high set the previous day.
Australian shares rose 0.2% and to their highest level since January 2008 while South Korea's KOSPI stood flat. Japan's Nikkei climbed 1.1%, reaching a high not seen since January 1992, Reuters said.
On the outlook for Bursa Malaysia, Kenanga Investment Bank Research said following Wednesday’s move, the failure to break out from the crucial support level of 1,750 (S1) suggest that the overall technical picture remains biased on the downside.
“MACD remains in the negative territory, showing no sign of a meaningful recovery in the near term. On expectations of further weakness, support levels are located at 1,733 (S1) and 1,727 (S2).
“Conversely, only a decisive breakout above the 1,750 (S1) resistance level would lead to a re-rating of a technical picture, with the next resistance level located at 1,765 (R2),” it said.
MPI fell the most, down 70 sen to RM13.50 after its disappointing first quarter earnings a investors viewed the rally in its share price was overdone.
MAHB fell 10 sen to RM8.45 while Genting Malaysia lost five sen to RM5.13. Hai-O lost nine sen to RM5.22, JF Tech seven sen lower at RM2.05 while down five sen each were VS Industry, Hartalega and Press Metal to RM3.08, RM8.25 and RM4.85 respectively.
Petronas Gas lost six sen to RM17 and Petronas Chemicals five sen to RM7.42 but Petronas Dagangan added six sen to RM21.80.
Refiners Hengyuan and Petron gained on higher crude price, with Hengyuan up 13 sen to RM9.42 and Petron 10 sen to RM12.30.
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