KLCI sheds 0.20% as oil & gas sector stocks retreat

TheEdge Tue, May 22, 2018 10:15am - 5 years View Original


KUALA LUMPUR (May 22): The FBM KLCI shed 0.20% at mid-morning today as stocks in the oil and gas sector retreated.

At 10am, the FBM KLCI fell 3.70 points to 1,849.88.

Losers led gainers by 300 to 261, while 257 counters traded unchanged. Volume was 505.94 million shares valued at RM357.03 million.

The top losers included Hengyuan Refining Co Bhd, Petronas Dagangan Bhd, Petron Malaysia Refining & Marketing Bhd, Latitude Tree Holdings Bhd, Allianz Malaysia Bhd, Kuala Lumpur Kepong Bhd, Deleum Bhd, Tenaga Nasional Bhd and MISC Bhd.

The actives included My E.G. Services Bhd, NetX Holdings Bhd, Sapura Energy Bhd, Hibiscus Petroleum Bhd, Malaysian Resources Corp Bhd, WCT Holdings Bhd and Globaltec Formation Bhd.

The gainers included Panasonic Manufacturing Malaysia Bhd, Nestle (M) Bhd, Malaysian Pacific Industries Bhd, UMW Holdings Bhd, ViTrox Corp Bhd, Public Bank Bhd, Apollo Food Holdings Bhd, Genting Plantations Bhd and Can One Bhd.

The dollar hovered near four-month highs on Tuesday on renewed optimism about global growth as the United States and China agreed to drop their tariff threats, while oil stayed at multi-year peaks over potential sanctions in Venezuela, according to Reuters.

Beijing and Washington both claimed victory on Monday as the world's two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China, it said.

Hong Leong IB Research in a traders’ brief said with the trade war put on hold, investors could turn to a more risk-on approach for the near term.

“However, traders could put focus on the next major events such as the Trump-North Korea summit that will be held on 12th June, as well as the Fed’s FOMC meeting on 12-13 June.

“On the local bourse, we may anticipate some positive spillover trading activities, tracking the performance on Wall Street.

“However, upside could be limited and trading volatility may return once the detail of the potential review of the construction mega projects and toll concessions that was mentioned by the new administration is being revealed,” it said.

 

 

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