KLCI takes a breather, erases earlier gains

TheEdge Wed, May 03, 2017 01:20pm - 6 years View Original


KUALA LUMPUR (May 3): The FBM KLCI took a breather at the midday break today and pared some of its gains.

At 12.30pm, the FBM KLCI was down 0.03 points to 1,778.44. The index had earlier risen to its intra-morning high of 1,784.79.

Losers overtook gainers by 438 to 372, while 401 counters traded unchanged. Volume was 2.29 billion shares valued at RM1.37 billion.

The top losers included Petronas Dagangan Bhd, Westports Holdings Bhd, Bursa Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Genting Malaysia Bhd, Atlan Holdings Bhd, Panasonic Manufacturing Malaysia Bhd, KESM Industries Bhd and Genting Bhd.

The actives included Dagang NeXchange Bhd, Anzo Holdings Bhd, Key Alliance Group Bhd, AirAsia X Bhd, Tiger Synergy Bhd, Dataprep Holdings Bhd, Hubline Bhd and Trive Property Group Bhd.

The gainers included Nestle (M) Bhd, Poly Glass Fibre (M) Bhd, Malaysian Pacific Industries Bhd, SAM Engineering & Equipment (M) Bhd, Petronas Gas Bhd, Dutch Lady Milk Industries Bhd, PPB Group Bhd, Ajinomoto (M) Bhd and Pos Malaysia Bhd.

Asian stocks were mostly higher on Wednesday, as strong earnings and manufacturing data boosted risk appetite, while expectations that the Federal Reserve will signal a June rate increase later in the session lifted the US dollar, according to Reuters.

Oil prices pulled higher after a sharp fall on Tuesday on technical selling in a market already worried about oversupply and following a rise in output from several members of the Organization of Petroleum Exporting Countries, it said.

Kenanga IB Research said that last week, the FBM KLCI broke out from its month-long consolidation phase with a technical gap-up to close above the 1,760 (S1) mark for the first time in a year.

"Nonetheless, that had led to the benchmark index slowing down its momentum as it seeks a breather from its overbought condition prior to the long weekend break.

"Besides, the 'Doji' candlestick formed last Friday signalled some indecision over the market direction by investors.

"Coupled with the tepid overnight start to the week by Wall Street, we opine that the FBM KLCI is likely to trade range-bound for the week ahead within 1,760 (S1)-1,774 (R1)," it said.

 

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