FBM KLCI remains in the red at noon

KUALA LUMPUR: The FBM KLCI remained in negative territory at the midday break on Wednesday, in line with the cautious sentiment at most regional markets.

At lunch break, the market bellwether was down 5.62 points, or 0.39% to 1,377.72. The index earlier slipped to its intra-morning low of 1,436.75.

In the broader market, losers outnumbered gainers with 492 stocks ending lower and 281 stocks finishing higher. That gave a market breadth of 0.57 indicating the bears were in control.

Volume was 1.55 billion shares valued at RM868.9mil.

Heineken was the top decliners on Bursa Malaysia after sliding 36 sen to RM24.28. SAM Engineering fell 20 sen to RM4.32, PETRONAS Dagangan lost 18 sen to RM22.70 and UMW declined 13 sen to RM4.77.

Aeon Credit was the top gainer, rising 34 sen to RM11.78, followed by Carlsberg, which climbed 12 sen to RM20.04 and Dutch Lady, which gained 10 sen to RM22.70.

TA Securities said stocks should extend range bound trade pending more definite cues over the global inflation and interest rate outlook, and as worries over capital gains taxes in the coming Budget 2024 kept investors sidelined.

“Immediate index support cushioning downside remains at 1,440, followed by 1,433, with subsequently 1420/1,400 acting as stronger supports.

“Immediate overhead resistance stays at 1,465, then 1,470, with the 1,490/1,500 area as next resistance,” it said.

Meanwhile, Rakuten Trade expects O&G stocks to attract investors’ attention as Brent crude futures remained eleverated at above US$92 per barrel.

“Given the circumstances, we expect sentiment on the local exchange to become somewhat cautious, which leads us to project the index will hover around the 1,440-1,450 range today,” it added.

In the region, Japan’s Nikkei 225 was down 0.3%, South Korea’s Kospi fell 0.24% while China’s CSI 300 Index added 0.18%.

Hong Kong’s Hang Seng gained 0.56% while Australia’s ASX200 fell 0.31%