Mild profit taking keeps KLCI in the red

TheEdge Wed, May 17, 2017 10:34am - 6 years View Original


KUALA LUMPUR (May 17): The FBM KLCI remained in the red on some mild profit-taking activities and lack of fresh catalysts, in line with the lacklustre regional markets.

At 10.01am, the FBM KLCI fell 2.34 points to 1,775.81.

The top losers included Petronas Gas Bhd, Panasonic Manufacturing Malaysia Bhd, Time dotCom Bhd, Hap Seng Consolidated Bhd, IOI Corp Bhd, Lafarge Malaysia Bhd, Hengyuan Refining Company Bhd, Heineken Malaysia Bhd and UOA Development Bhd.

The actives included NetX Holdings Bhd, Luster Industries Bhd, JAG Bhd, Iskandar Waterfront City Bhd (IWCity), Globaltec Formation Bhd, Dagang NeXchange Bhd and Borneo Oil Bhd.

The gainers included Aeon Credit Service (M) Bhd, LPI Capital Bhd, Hartalega Holdings Bhd, Hong Leong Financial Group Bhd, OSK Ventures International Bhd, Alianz Malaysia Bhd, IWCity, New Hoong Fatt Holdings Bhd and Nestle (M) Bhd.

US share futures and the US dollar slipped in early Asian trade on Wednesday after reports that President Donald Trump asked then-FBI director James Comey to end a probe into his former security adviser, according to Reuters.

The reports raised questions about whether charges of obstruction of justice could be laid against Trump, weakening confidence in the US president's ability to push through an aggressive stimulus programme that investors had been banking on since his election last November, it said.

Hong Leong IB Research said that without any fresh catalyst in the markets, the US stock markets are likely to be capped along the 21,000-21,178 levels on the Dow.

"However, traders may focus on cyber security sector following the outbreak of 'ransomware'.

"Similarly, on the local front, given the cautious and flattish performance on the overnight Dow, the FBM KLCI may trend sideways.

"Also, profit-taking activities are likely to emerge, which may curtail the upside on the key index around 1,780-1,790," it said.

 

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