KUALA LUMPUR: The FBM KLCI retreated on Friday, Aug 27 in line with key regional markets that fell on nervous trading ahead of economic data due out in the US later on Friday.
Asian markets slipped, with Japan's Nikkei 225 down 0.87% to 8,829.10, the Shanghai Composite Index down 0.46% to 2,591.44, the South Korean Kospi Index down 0.27% to 1,725.16, and Taiwan's Taiex down 0.13% to 7,680.03.
Singapore's Straits Times Index, however, was up 0.29% to 2,934.44.
At 10am, the FBM KLCI declined 1.53 points to 1,406.47, weighed by losses including at Digi, CIMB and Petronas Dagangan.
Losers beat gainers by 239 to 99, while 195 counters traded unchanged. Volume was 114.59 million shares valued at RM181.02 million.
HLG Research said that despite the decoupling effects lately, persistent bearish economic data emerging from the US, deteriorating technical indicators and the lack of catalysts after the reporting season would dampen investors' risks appetite.
"With the Dow closing below 10,000 overnight and ahead of the crucial 2Q10 GDP revision and August consumer sentiment announcements tonight, the FBM KLCI will likely encounter stiff resistance to buck the Wall St and regional downtrends.
"This is despite anticipation of short term funds inflow due to the strengthening RM against the greenback and the safe haven status of Bursa Malaysia," it said on Aug 27.
HLG Research said that for the FBM KLCI, immediate resistance levels are 1412 (50% FR from top 1524 and low of 1300) and 1438 (61.8% FR). Immediate support levels are at 1400, 1390 (10-d SMA) and 1375 (20-d SMA).
Among the major losers on Bursa Malaysia at mid-morning Friday, DiGi fell 60 sen to RM24.20, Cycle & Carriage lost 22 sen to RM5.16, Genting PLANTATION []s and CIMB fell 13 sen each to RM7.16 and RM7.79, Petronas Dagangan fell 10 sen to RM10.40 and Genting lost one sen to RM8.99.
Meanwhile, Goldis, Lafarge Malayan Cement and JT International fell nine sen each to RM1.40, RM7 and RM5.80, respectively, and Bursa lost seven sen to RM7.07.
Fima Corp was the top gainer at mid-morning and was 15 sen to RM4.85; Sime Darby, Nestle and Padini rose 12 sen each to RM8, RM39.60 and RM4.20 respectively, Maybank up six sen to RM8.28, Sungei Bagan added 11 sen to RM2.41 while Pintaras and Lay Hong added seven sen each to RM RM1.74 and RM2.
Carotech was the most actively traded stock with 13.8 million shares done. The counter fell half a sen to 8 sen. Other actives included CIMB, Maybank, Genting and Berjaya Retail.
Asian markets slipped, with Japan's Nikkei 225 down 0.87% to 8,829.10, the Shanghai Composite Index down 0.46% to 2,591.44, the South Korean Kospi Index down 0.27% to 1,725.16, and Taiwan's Taiex down 0.13% to 7,680.03.
Singapore's Straits Times Index, however, was up 0.29% to 2,934.44.
At 10am, the FBM KLCI declined 1.53 points to 1,406.47, weighed by losses including at Digi, CIMB and Petronas Dagangan.
Losers beat gainers by 239 to 99, while 195 counters traded unchanged. Volume was 114.59 million shares valued at RM181.02 million.
HLG Research said that despite the decoupling effects lately, persistent bearish economic data emerging from the US, deteriorating technical indicators and the lack of catalysts after the reporting season would dampen investors' risks appetite.
"With the Dow closing below 10,000 overnight and ahead of the crucial 2Q10 GDP revision and August consumer sentiment announcements tonight, the FBM KLCI will likely encounter stiff resistance to buck the Wall St and regional downtrends.
"This is despite anticipation of short term funds inflow due to the strengthening RM against the greenback and the safe haven status of Bursa Malaysia," it said on Aug 27.
HLG Research said that for the FBM KLCI, immediate resistance levels are 1412 (50% FR from top 1524 and low of 1300) and 1438 (61.8% FR). Immediate support levels are at 1400, 1390 (10-d SMA) and 1375 (20-d SMA).
Among the major losers on Bursa Malaysia at mid-morning Friday, DiGi fell 60 sen to RM24.20, Cycle & Carriage lost 22 sen to RM5.16, Genting PLANTATION []s and CIMB fell 13 sen each to RM7.16 and RM7.79, Petronas Dagangan fell 10 sen to RM10.40 and Genting lost one sen to RM8.99.
Meanwhile, Goldis, Lafarge Malayan Cement and JT International fell nine sen each to RM1.40, RM7 and RM5.80, respectively, and Bursa lost seven sen to RM7.07.
Fima Corp was the top gainer at mid-morning and was 15 sen to RM4.85; Sime Darby, Nestle and Padini rose 12 sen each to RM8, RM39.60 and RM4.20 respectively, Maybank up six sen to RM8.28, Sungei Bagan added 11 sen to RM2.41 while Pintaras and Lay Hong added seven sen each to RM RM1.74 and RM2.
Carotech was the most actively traded stock with 13.8 million shares done. The counter fell half a sen to 8 sen. Other actives included CIMB, Maybank, Genting and Berjaya Retail.
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