Asian markets routed, KLCI skids nearly 0.9%
Thursday, August 15, 2019       09:03 WIB

KUALA LUMPUR: Key Asian markets including Bursa Malaysia were awash in a sea of red after the overnight tumble on Wall Street on recessionary fears saw investors taking money off the table.
At 9.11am, the FBM KLCI was down 13.93 points or 0.87% to 1, 586.38. Turnover was 126.59 million shares valued at RM126.59mil. Decliners hammered advancers nearly 20 to one or 490 losers to 24 gainers while 113 counters were unchanged.
Global stocks slumped to more than two-month lows in early Asian trade, tracking the Wall Street slide as an inverted US bond yield curve sent a flashing warning to investors about rising recession risks, Reuters reported.
Asia shares sank at the open with Japan's Nikkei average tumbling 2% and Australian stocks falling 1.9%.
The MSCI ACWI, which incorporates readings of 49 equity markets across the world, shed 2.1% to its lowest level since June 4. MSCI 's broadest index of Asia-Pacific shares outside Japan dropped 0.4% in early trade.
On the technical outlook for the KLCI , Kenanga Research said the index remains traded below all key-SMAs, which suggest that the overall bearish trend remains.
"As such, we expect the index to continue its downward movement and further test the key support level at 1, 570 (S1) and 1, 550 (S2). Conversely, overhead resistance levels can be seen at 1, 630 (R1) and 1, 650 (R2), " it said.
Carlsberg fell 46 sen to RM24.06 and Nestle 30 sen to RM147.
Genting Plantations lost 29 sen to RM9.27, KL Kepong 22 sen to RM23.40 while Ta Ann was down 17 sen to RM2.
Aeon Credit fell 28 sen to RM15.92, Public Bank 22 sen to RM20.58 and HLFG 20 sen to RM17.06.
Petronas Chemical lost 17 sen to RM7.14.
SBC Corp bucked the trend to add 4.5 sen to 49.5 sen, KLCC and Atlan were four sen higher at RM7.90 and RM4.15.

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