KUALA LUMPUR: The FBM KLCI fell on Wednesday, Aug 11 in line with most key regional markets, as well as due to losses including at CIMB, Maybank, Genting, KLK and IOI Corp.
The Asian markets were also dragged by global economic concerns, including worries that a weakening US economic recovery could hurt trade.
Meanwhile, China's annual industrial output growth in July slowed to 13.4% from 13.7% in June, according to the country's National Bureau of Statistics.
China's headline inflation accelerated to 3.3% in the year to July from 2.9% in the 12 months to June.
On Bursa Malaysia at 10am, the FBM KLCI fell 7.30 points to 1,352.41. Losers thumped gainers by 269 to 95, while 169 counters traded unchanged. Volume was relatively thin with 117.26 million shares valued at RM131.96 million.
RHB Research Institute Sdn Bhd said the current profit-taking leg appeared longer than expected with the FBM KLCI drifting even lower than the crucial 10-day SMA of 1,361 on Tuesday.
The fall to below the SMA, coupled with the reduced daily turnover show that the chart's short-term outlook could turn negative in the next few sessions, if the index fails to launch any recovery soon, it said.
Not helping either, the mild T+4 selling pressure expected today from last Thursday's 994m shares high turnover could further dampen the short-term sentiment on the local market, the research house said in a note Aug 11.
"Therefore, short-term investors should turn cautious for the index to regather its buying support and rebuild a base between the 10-day SMA and the 1,350 critical support level in the near term.
"However, we remain mildly positive on the FBM KLCI's short- to medium-term chart outlook, until and unless it breaches to below the 1,350 resistance-turn-support level," it said.
On Bursa Malaysia, CIMB, KLK and IOI Corp fell four sen each to RM7.32, RM16.80 and RM5.11 respectively. Maybank shed two sen to RM7.71 while Genting lost five sen to RM7.83.
Nestle fell 46 sen to RM38.92, Lafarge Malayan Cement down 15 sen to RM7.01, Top Glove lost 14 sen to RM6.27. EPIC, Supermax and MISC fell 11 sen each to RM2.08, RM5.94 and RM8.67 respectively. Other decliners included Batu Kawan, Cocoaland and MAHB.
The top gainer at mid-morning was Atlan, which added 23 sen to RM3.40; BHIC rose 13 sen to RM4.44, Mieco Chipboard up 9.5 sen to 63.5 sen, while HELP, Paramount Corp and Hwatai added six sen each to RM3.81, RM4.13 and 66.5 sen respectively.
Mieco was the most actively traded counter with 6.5 million shares done. Other actives included TMC Life, Sinotop, JCY International, Unisem and Xidelang.
At the regional markets, Japan's Nikkei 225 fell 2.28% to 9,333.15, Taiwan's Taiex down 0.97% to 7,899.42, the South Korean Kospi 0.86% to 1,765.76 and Singapore's Straits Times Index 0.80% to 2,960.36.
Meanwhile, the Shanghai Composite Index rose 0.13% to 2,598.52 and Hong Kong's Hang Seng Index opened 0.2% higher at 21,514.69.
The Asian markets were also dragged by global economic concerns, including worries that a weakening US economic recovery could hurt trade.
Meanwhile, China's annual industrial output growth in July slowed to 13.4% from 13.7% in June, according to the country's National Bureau of Statistics.
China's headline inflation accelerated to 3.3% in the year to July from 2.9% in the 12 months to June.
On Bursa Malaysia at 10am, the FBM KLCI fell 7.30 points to 1,352.41. Losers thumped gainers by 269 to 95, while 169 counters traded unchanged. Volume was relatively thin with 117.26 million shares valued at RM131.96 million.
RHB Research Institute Sdn Bhd said the current profit-taking leg appeared longer than expected with the FBM KLCI drifting even lower than the crucial 10-day SMA of 1,361 on Tuesday.
The fall to below the SMA, coupled with the reduced daily turnover show that the chart's short-term outlook could turn negative in the next few sessions, if the index fails to launch any recovery soon, it said.
Not helping either, the mild T+4 selling pressure expected today from last Thursday's 994m shares high turnover could further dampen the short-term sentiment on the local market, the research house said in a note Aug 11.
"Therefore, short-term investors should turn cautious for the index to regather its buying support and rebuild a base between the 10-day SMA and the 1,350 critical support level in the near term.
"However, we remain mildly positive on the FBM KLCI's short- to medium-term chart outlook, until and unless it breaches to below the 1,350 resistance-turn-support level," it said.
On Bursa Malaysia, CIMB, KLK and IOI Corp fell four sen each to RM7.32, RM16.80 and RM5.11 respectively. Maybank shed two sen to RM7.71 while Genting lost five sen to RM7.83.
Nestle fell 46 sen to RM38.92, Lafarge Malayan Cement down 15 sen to RM7.01, Top Glove lost 14 sen to RM6.27. EPIC, Supermax and MISC fell 11 sen each to RM2.08, RM5.94 and RM8.67 respectively. Other decliners included Batu Kawan, Cocoaland and MAHB.
The top gainer at mid-morning was Atlan, which added 23 sen to RM3.40; BHIC rose 13 sen to RM4.44, Mieco Chipboard up 9.5 sen to 63.5 sen, while HELP, Paramount Corp and Hwatai added six sen each to RM3.81, RM4.13 and 66.5 sen respectively.
Mieco was the most actively traded counter with 6.5 million shares done. Other actives included TMC Life, Sinotop, JCY International, Unisem and Xidelang.
At the regional markets, Japan's Nikkei 225 fell 2.28% to 9,333.15, Taiwan's Taiex down 0.97% to 7,899.42, the South Korean Kospi 0.86% to 1,765.76 and Singapore's Straits Times Index 0.80% to 2,960.36.
Meanwhile, the Shanghai Composite Index rose 0.13% to 2,598.52 and Hong Kong's Hang Seng Index opened 0.2% higher at 21,514.69.
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