KLCI dips 0.22% in line with regional retreat

TheEdge Mon, Nov 27, 2017 01:07pm - 3 years ago


KUALA LUMPUR (Nov 27): The FBM KLCI dipped 0.22% at the midday break, in line with the retreat at most regional markets, as well as the bearish trend at the local bourse.

At 12.30pm, the FBM KLCI fell 3.74 points to 1,713.49. The index had earlier risen to its intra-morning high of 1,18.37.

Losers led gainers by 348 to 254, while 488 counters traded unchanged. Volume was 894.24 million shares, valued at RM647.33 million.

The top losers included Panasonic Manufacturing Malaysia Bhd, British Ametican Tobacco (M) Bhd, Heineken Malaysia Bhd, Petronas Gas Bhd, Batu Kawan Bhd, Lingkaran Trans Kota Holdings Bhd, Supermax Corp Bhd, Ann Joo Resources Bhd, SCS Steel Holdings Bhd and Genting Bhd.

The actives included EA Holdings Bhd, DGB Asia Bhd, China Stationery Ltd, UMW Oil & Gas Corp Bhd, PUC Bhd, Berjaya Corp Bhd, Supermax and Tenaga Nasional Bhd.

The gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Hartalega Holdings Bhd, Hong Leong Industries Bhd, Prestariang Bhd, Scientex Bhd, DiGi.Com Bhd, Uchi Technologies Bhd and Serba Dinamik Holdings Bhd.

Asian stocks gave back earlier modest gains and fell back from a decade high on Monday, weighed by weakness in the Chinese and South Korean markets, while the euro reached a two-month top against the dollar, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose early in the session on Friday's Wall Street gains, but was last down 0.65%, Reuters said.

Affin Hwang IB vice president and head of retail research Datuk Dr Nazri Khan Adam Khan said Asia markets are expected to soften further, led by China markets, as most equity markets continue losing their upward momentums.

He said tightening of lending rules and sluggish bond prices have triggered profit taking activities in China equity markets in recent weeks.

“Going forward, global equity markets are anticipated to consolidate gradually, as central banks across the regions are ready to normalise interest, after a long era of low rates.

“The FBM KLCI Index is expected to move in tandem with major markets, with trading expected to be focused between 1650-1730 in the near future,” Dr Nazri said.






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