KLCI poised for poor December start, falls 0.38%

TheEdge Mon, Dec 04, 2017 01:14pm - 3 years ago

KUALA LUMPUR (Dec 4): The FBM KLCI looked poised to kick start December on a poor note, as sellers thumped buyers at midday break today.

At 12.30pm, the FBM KLCI fell 0.38% or 6.50 points to 1,711.36.

Losers led gainers by 476 to 156, while 482 counters traded unchanged. Volume was 923.87 million shares, valued at RM1.03 billion.

The top losers included Danainfra Nasional Bhd, Hartalega Holdings Bhd, British American Tobacco (M) Bhd, Petron Malaysia Refining and Marketing Bhd, Lafarge Malaysia Bhd, Selangor Properties Bhd, SP Setia Bhd, KESM Industries Bhd and Allianz Malaysia Bhd.

The actives included Pintaras Jaya Bhd, Sime Darby Bhd, RGB International Bhd, Dagang NeXchange Bhd, UMW Oil & Gas Corp Bhd, Hubline Bhd, China Stationery Ltd, Sime Darby Propery Bhd and MMAG Holdings Bhd.

The gainers included Hengyuan Refining Company Bhd, Petronas Dagangan Bhd, Malaysia Airports Holdings Bhd, Hong Long Industries Bhd, Hong Leong Financial Group Bhd, PPB Group Bhd, Genting Bhd and Tong Herr Resources Bhd.

The U.S. dollar bounced to a two-week top on Monday and S&P futures rallied, as traders marked the passage of a Senate tax bill over the weekend, a move that raises the risk of more aggressive rate hikes in the world's largest economy, according to Reuters.

Asian shares were less euphoric, with MSCI's broadest index of Asia-Pacific shares outside Japan hovering near a one-month trough, on fears U.S. policy tightening could suck liquidity from emerging markets and derail global growth. Traders will be focusing their attentions on a meeting scheduled for British Prime Minister Theresa May and EU President Jean-Claude Juncker to work on a Brexit deal, Reuters said.

Affin Hwang IB vice president and head of retail research Datuk Dr Nazri Khan Adam Khan said global equity markets were entering a fresh volatile era, as “Bulls” and “Bears” clash to take charge of market directions. 

In the U.S, the Dow supporters still want to see the index hit the 25,000 mark before the year end, Dr.Nazri said. The rest of the world, meanwhile, sees key indexes continue to break their respective supports in the past 1-2 weeks, he added.

“For the local market, the FBMKLCI is expected to drift sideways with downward bias; however, current strengthening in ringgit potentially cushions the downside.

“The index’s immediate support range is seen to be between 1700-1650 levels,” Dr.Nazri added.

Related Stocks

AFFIN 1.820
ALLIANZ 13.500
BAT 13.780
CSL 0.010
DNEX 0.820
HARTA 9.890
HLFG 17.300
HWANG 2.610
KESM 12.380
MMAG 0.265
PETDAG 19.720
PPB 18.540
PTARAS 2.650
RGB 0.130
SIME 2.400
SPB 6.270


Theng Choon Ng
Like · Reply

Login to comment.