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Benefit taking slows down KLCI rally in front of Raya occasions

Financial specialists forgot about some money on Monday following a bullish week that saw the FBM KLCI put on almost 50.

Kenanga research said the list's specialized viewpoint stayed bearish regardless of the 3.28% week-on-week gain as the essential downtrend stayed flawless with the offer exchanging beneath its 100-day basic moving normal.

"Should the list break over its 100-day SMA, we opine standpoint should turn bullish.

"From here, opposition levels can be distinguished at 1,670 (R1) and 1,705 (R2). Then again, supports can be found at 1,610 (S1) and 1,585 (S2)," it said.

At 12.30pm, the FBM KLCI was down 4.58 focuses to 1,646.18, burdened for the most part by falls in Axiata and Digi.

Exchanging was quieted the lead-up to the Hari Raya festivities, with volume coming to 94.58 million offers esteemed at RM614.47mil.

There were 531 declining counters versus 163 advancers and 310 unaltered.

Under the spotlight for their merger plans, Axiata slipped 12 sen to Rm4.57 while Digi dropped 11 sen to RM4.86.

Petronas Gas was another driving decliner, sliding 22 sen to RM17.44 while Maybank plunged two sen to RM9 and Open Bank shaved four sen to RM23.56.

Squeezing out little gains were Maxis adding one sen to RM5.55 and IHH rising one sen to RM5.51.

Stocks seeing the most speculator enthusiasm for the morning were Hibiscus drooping 4.5 sen to 99.5 sen, Lambo dropping 0.5 sen to 5.5 sen and Bumi Task force

unaltered at 20 sen.The consolidated weight of rising US-China exchange strains and Washington's new tax dangers on Mexico proceeded increase the selling weight in value markets.

The Shanghai Composite File fell 0.5%, the CSI300 Record dropped 0.2% and Hong Kong's Hang Seng List slid 0.35%. Japan's Nikkei File dove 1.26% while South Korea's Kospi File resisted the pattern, rising 1%.

The defeat in oil markets proceeded in the wake of having fallen over 3% on Friday as the exchange strains burdened the interest standpoint.

US rough fell 60 pennies to US$52.90 a barrel and Brent unrefined dropped 88 pennies to US$67.11 a barrel.

In monetary standards, the ringgit rose 0.25% against the US dollar to 4.1797. It was unaltered against the pound sterling at 5.2834 and down 0.25% against the Singapore dollar at 3.0490.


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