KLCI pares loss as global markets stage recovery

TheEdge Fri, Apr 13, 2018 10:20am - 5 years View Original


KUALA LUMPUR (April 13): The FBM KLCI pared some of its losses at mid-morning today against the backdrop of a recovery at most global markets.

At 10am, the FBM KLCI was down 4.14 points to 1,869.48. The index had earlier dipped to a low of 1,866.98.

Gainers led losers by 338 to 183, while 239 counters traded unchanged. Volume was 651.88 million shares valued at RM271.54 million.

The losers included Nestle (M) Bhd, Kuala Lumpur Kepong Bhd, British American Tobacco (M) Bhd, Hartalega Holdings Bhd, Astro Malaysia Holdings Bhd, Axiata Group Bhd, Pos Malaysia Bhd and Woodlandor Holdings Bhd.

The actives included SKH Consortium Bhd, Sapura Energy Bhd, Key Asic Bhd, Sumatec Resources Bhd, Bumi Armada Bhd, Vivocom International Holdings Bhd and UMW Oil & Gas Corp Bhd.

The gainers included Tasek Corp Bhd, KESM Industries Bhd, Carlsberg Brewery Malaysia Bhd, Aeon Credit Service (M) Bhd, George Kent (M) Bhd, ViTrox Corp Bhd, Hengyuan Refining Co Bhd, Malaysian Pacific Industries Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd and Press Metal Aluminium Holdings Bhd.

Global stocks recovered to three-week highs on Friday as anticipated strong earnings season took centre stage after US President Donald Trump backtracked on his suggestion of an imminent missile attack on Syria, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1% while Japan's Nikkei gained 0.8%, it said.

Hong Leong IB Research in a traders' brief said that in the US, the market volatility and interest will be highly dependent on Trump's actions or tweets.

"Nevertheless, investors would also be monitoring the upcoming results season as this will reflect the first quarterly earnings after the passing of corporate tax bill by Donald Trump late last year.

"Meanwhile, positive sentiment may spill over towards the Malaysia's equities on the back of the soothing comments by President Trump, easing the geopolitical tension risk.

"We may expect another round of buying opportunities amongst oversold small caps and lower liners," it said.

 

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