KUALA LUMPUR: Bursa Malaysia got off to a weak start on Monday as Telekom and Public Bank led the decliners, in line with the cautious key Asian markets.
At 9.11am, the KLCI was down 6.26 points or 0.37% to 1,689.62. Turnover was 122.23 million shares valued at RM61.34mil. There were 108 gainers, 168 losers and 124 counters unchanged.
Asian shares were on a slippery slope as plunging oil prices fanned worries about a dimming outlook for the global economy as investors brace for a crucial meeting between US and Chinese leaders at the end of week, Reuters reported.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down slightly while Japan’s Nikkei posted gains of 0.2% after initial losses.
US crude futures were at US$50.53 per barrel while Brent crude futures last stood at US$58.99 per barrel.
On the technical outlook for the KLCI, Kenanga Research said it remains bearish as the index is still hovering below key SMAs, couple with lacklustre signals from key momentum indicators.
“From here, immediate support levels to watch for are 1,680 (S1) and 1,650 (S2). Should market sentiment improve from here, key levels of resistances to look for are at 1,740 (R1) and 1,760 (R2),” it said.
Public Bank fell 12 sen to RM24.68 and Telekom lost nine sen to RM2.24.
Kian Joo fell 13 sen to RM2.05 and Ornapaper lost 11 sen to RM1.04.
Among the tech stocks, KESM fell 13 sen to RM8.75 and Dufu lost 13 sen to RM3.49.
AirAsia gained 13 sen to RM3.02 on expectations of a bumper dividend, LC Titan added six sen to RM4.91, Cocoaland and EITA gained five sen each to RM2.05 and RM1.43 while WTK added 4.5 sen to 52.5 sen. – The Star