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KLCI drops again as local politics, US elections in the spotlight

KUALA LUMPUR: The consolidation on the domestic market continued on Friday amid ongoing political developments in Malaysia while the US looks towards its national polls next week.

At 12.30pm, the FBM KLCI was down 12.19 points to 1,483.01, with investors selling down the shares to a support range of 1,470-1,480.

Malacca Securities Research said the conoslidaiton may be prolonged due to the lack of follow-through buying suport with immediate resistances located at 1,520-1530.

Leading heavyweight on the FBM KLC were seen tumbling, led by Public Bank

sliding 24 sen to RM15.44, Maybank dropping five sen to RM7.02 and Top Glove falling to 14 sen to RM8.64.

Hartalega bucked the negative trend by rising four sen to RM18.06.

Meanwhile, Tenaga was also down 12 sen to RRM9.66 and Petronas Chemicals shed 12 sen to RM5.83.

BAT saw some positive action after its recent earnings result, rising 19 sen to RM10.14. MPI jumped 36 en to RM22.92 and Nestle added 70 sen to RM141.30.

Leading losers were Time dotcom down 38 sen to RM13.02, F&N falling 36 sen to RM31.64 and Hong Leong Financial Group slipping 34 sen to RM14.36.

Of actives, AT Systemization was up one sen to 10.5 sen, Green Packet shed two sen to 46 sen and Diversified Gateway Solutions rose three sen to 25.5 sen.

In Asia, the selloff continued for a third straight day as investor took profit ahead of the US elections.

China’s composite index dropped 0.1% while Hong Kong’s Hang Seng was mostly flat.

Japan’s Nikkei fell 0.6%, South Korea’s Kospi dove 1% and Australia’s ASX200 dropped 0.1%.

Reference