KLCI falls 0.36% as select blue chips drag

TheEdge Fri, Feb 22, 2019 10:20am - 5 years View Original


KUALA LUMPUR (Feb 21): The FBM KLCI fell 0.36% at mid-morning today, dragged by index-linked blue chips against the backdrop of flat regional markets.

At 10am, the FBM KLCI fell 6.25 points to 1,724.43.

Losers led gainers by 419 to 185, while 242 counters traded unchanged. Volume was 801.17 million shares valued at RM478.96 million.

The top losers included Petron Malaysia Refining & Marketing Bhd, British American Tobacco (M) Bhd, Hengyuan Refining Company Bhd, Top Glove Corp Bhd, KESM Industries Bhd, Malaysian Pacific Industries Bhd, Formosa Prosonic Industries Bhd, Pharmaniaga Bhd, Maxis Bhd and Lysaght Galvanized Steel Bhd.

The actives included Iskandar Waterfront City Bhd, AirAsia X Bhd, Seacera Group Bhd, Sapura Energy Bhd, Tatt Giap Group Bhd, IFCA MSC Bhd and Ekovest Bhd.

The gainers included Kuala Lumpur Kepong Bhd, Manulife Holdings Bhd, Oriental Food Industries Holdings Bhd, Guan Chong Bhd and Aeon Credit Service (M) Bhd.

Shares in Asia were flat in early trade on Friday following a fall on Wall Street, with a deteriorating global economic outlook outweighing more signs of progress in trade talks between China and the United States, according to Reuters.

Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up less than 0.1%, it said.

Hong Leong IB Research said with the slowing economic data, investors may take some profits off the table, limiting the upside potential on Wall Street.

"Meanwhile, traders are also waiting for the outcome on the trade discussions between the US and China before the key trade deadline on March 1. The Dow's immediate resistance is located around 26,000.

"On the local front, we believe the negative sentiment on Wall Street could spill over towards stocks on the local bourse after three sessions of positive rally on the KLCI.

"Should there be any negative surprises from the ongoing February reporting season or US-China trade talks, it will dampen the tone further on the markets. The KLCI may pull back towards the 1,710-1,720 zones," it said.

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