FOREIGN funds continued selling on Bursa Malaysia this morning, pushing 30-stock index FBM KLCI below the critical 1,800 level with more downside seen.

At 9.21am, the KLCI was down 22.76 points to 1,781.49.

Kenanga Research said yesterday’s close saw the KLCI decisively breaking below 1,820 points while momentum indicators appeared bearishly-biased.

“From here we expect consolidation in the near term with 1,800 (S1) providing immediate support followed by next support identified at 1,780 (S2). Conversely, resistance can be located at 1,820 (R1) and 1,850 (R2),” it was quoted as saying on The Star Online.

Asian shares moved lower today as investors fretted over new setbacks in US-China trade talks, but negative sentiment was tempered by US Federal Reserve meeting minutes suggesting it would not raise the speed at which it increased interest rates, Reuters reports.

MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, while Japan’s Nikkei stock index was 0.6% lower. – May 24, 2018.