Our website is made possible by displaying online advertisements to our visitors.
Please consider supporting us by disabling your ad blocker.

KLCI stays in red as Genting-linked stocks weigh

TheEdge Thu, Apr 04, 2019 - 3 months ago

KUALA LUMPUR (April 4): The FBM KLCI remained in negative territory at mid-morning today in line with the pause at regional markets, dragged by index-linked blue chips including Genting-related stocks.

At 10am, the FBM KLCI was down 2.27 points to 1,640.94.

Gainers led losers by 262 to 232, while 292 counters traded unchanged. Volume was 817.20 million shares valued at RM332.31 million.

The decliners included Heineken Malaysia Bhd, Public Bank Bhd, Amway (M) Holdings Bhd, Genting Bhd, KESM Industries Bhd, Oriental Holdings Bhd, Hap Seng Consolidated Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, Teck Guan Perdana Bhd, Genting Malaysia Bhd and MISC Bhd.

The actives included KNM Group Bhd, Pegasus Heights Bhd, Sino Hua-An International Bhd, Bumi Armada Bhd, Scomi Group Bhd, Scomi Energy Services Bhd, Sapura Energy Bhd and JAG Bhd.

The gainers included Hong Leong Financial Group Bhd, Time dotCom Bhd, Cahya Mata Sarawak Bhd, PPB Group Bhd, Petronas Gas Bhd, Petra Energy Bhd, Lotte Titan Chemical Holding Bhd and Hong Leong Bank Bhd.

Asian shares paused near an eight-month peak on Thursday as investors awaited developments on trade talks between the United States and China, which appear closer to signing a deal, nudging bond yields higher globally and softening the safe-haven yen, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan took a breather after five straight days of gains took it to its highest since late August, it said.

Hong Leong IB Research said with the comments from Myron Brilliant, the executive vice president for international affairs at the US Chamber of Commerce, that a deal is 90% done, but the last 10% is the hardest part, traders are having feel-good factor on the progress of the trade discussions.

"Hence, we opine that the Dow may poise for a breakout above 26,300. However, should the details in the agreement [be unfavourable] to US or China, the uncertainties may persist, eventually limiting the upside potential on Wall Street.

"We believe the rebound on the KLCI may sustain amid easing concerns over inverted yield curve as well as anticipation of positive news on trade discussions in Washington.

"Hence, with the recovering sentiment, traders are [advised] to focus on the construction sector and O&G sector; the latter likely to stay positive with the firmer crude oil prices (still hovering above US$69 despite the unexpected build-up in inventories suggested by EIA (Energy Information Administration))," it said.

Related Stocks

AMWAY 6.200
ARMADA 0.235
CMSB 2.960
GENM 3.370
HEIM 23.100
HLBANK 18.540
HLFG 18.660
HUAAN 0.180
JAG 0.040
KESM 8.000
KNM 0.380
MISC 7.380
ORIENT 6.550
PBBANK 22.900
PETGAS 17.040
PHB 0.010
PPB 18.640
SAPNRG 0.305
SCOMI 0.090


Login to comment.