KUALA LUMPUR: The FBM KLCI remained in negative territory at midday tracking the decline on Wall Street overnight.
At 12.30pm, the benchmark index closed down 12.65 points, or 0.84% to 1,499.40. The index opened 14.04 points lower at 1,498.01 this morning.
Sellers led buyers by 581 to 215, while 354 counters traded unchanged. Volume stood at 1.41 billion shares, valued at RM986.47mil.
Hong Leong Investment Bank said the FBM KLCI is expected to like to maintain a short-term range bound consolidation mode with a support level at 1,460-1,480 while resistance at 1,515-1,530.
It added that the Prime Minister’s recent announcement of pay hikes and cash aids for civil servants may bode well for consumers in the midst of dwindling consumer sentiment.
Its top picks are Berjaya Food
, MR DIY, Focus Point, Heineken Malaysia and Carlsberg Brewery Malaysia.
TA Securities said the local market should slip into profit-taking consolidation mode today, following the strong gains registered from Tuesday’s window-dressing action prior to closing.
“Significant overhead index resistance remains at the recent high near 1,528, and subsequently 1,540, with tougher upside hurdles at 1,560 and 1,580.
“Immediate chart support stays at 1,480, with 1,450, 1,430 and the recent pivot low of 1,408 acting as stronger support preventing a further selloff to next crucial support at 1,394,” it said.
Among the losers on Bursa Malaysia, Petronas Dagangan tumbled RM1.62 to RM21.88, Malaysian Pacific Industries lost 74 sen to RM30.02, Kuala Lumpur Kepong eased 64 sen to RM22.50 and PPB fell 34 sen to RM17.26.
Nestle rose RM1.30 to RM134.30, Batu Kawan added 70 sen to RM23.70, Heineken gained 54 sen to RM24.12 and Perusahaan Sadur Timah climbed 22 sen to RM4.12.
Jade Marvel, the most active counter tumbled 35.64%, or 18 sen to 32 sen with 73.71 million shares traded. In the past six months, the counter fell some 56%.