Malaysia's KLCI falls in early trade, MISC rebounds
KUALA LUMPUR: Malaysia's blue chips fell in early trade on Tuesday but managed to stay above the key 1,700 level as investors stayed on the sidelines.
At 9.26am, the FBM KLCI was down 2.39 points to 1,704.29. Turnover was 47.57 million shares valued at RM57.69mil. There were 105 gainers, 96 losers and 134 counters unchanged.
Maybank KE Research said the KLCI's resistance levels of 1,706 and 1,716 would cap market gains, whilst obvious support areas were at 1,688 and 1,702.
Reuters reported Asian shares steadied on Tuesday, supported by overnight gains in global equities, but were capped ahead of China's first economic report for the second quarter due later in the session.
News overnight of weaker-than-expected U.S. existing home sales added to worries over the growth prospects of growth in the U.S. economy, focusing even more scrutiny on the China data.
At Bursa Malaysia, BAT fell 14 sen to RM62.36, MMHE five sen to RM3.92 while RHB Cap shed three sen to RM8.40 and RHBCap-HB was down nine sen to six sen.
SOP was the top loser, sliding 25 sen to RM5.45.
Destini was the most active, with 9.21 million shares done, adding one sen to 36.5 sen after it was removed from the Practice Note 17.
MISC managed to stage a mild rebound, up six sen to RM4.63 in active trade after the selldown on Monday seemed to have eased.
Maybank rose two sen to RM9.79 in active trade while UMW gained 10 sen to RM13.50.