KLCI remains in negative zone in line with regional markets

TheEdge Fri, Apr 26, 2019 12:55pm - 4 years View Original


KUALA LUMPUR (April 26): The FBM KLCI remained in negative territory at the midday break, tracking the subdued regional markets.

At 12.30pm, the FBM KLCI was down 1.59 points to 1,634.09.

Losers led gainers by 383 to 212, while 477 counters traded unchanged. Volume was 1.54 billion shares valued at RM1.01 billion.

The decliners included British American Tobacco (M) Bhd, Nestle (M) Bhd, Aeon Credit Service (M) Bhd, Tasek Corp Bhd, Panasonic Manufacturing Malaysia Bhd, Hong Leong Financial Group Bhd and DKLS Industries Bhd.

The actives included Ekovest Bhd, Bumi Armada Bhd, Tiger Synergy Bhd, Impiana Hotels Bhd, Genting Malaysia Bhd, KNM Group Bhd and Alam Maritim Bhd.

The gainers included Syarikat Takaful Malaysia Keluarga Bhd, Unisem (M) Bhd, G3 Global Bhd, Pintaras Jaya Bhd, Pharmaniaga Bhd, IJM Plantations Bhd and Mi Technovation Bhd.

Asian shares drifted off in sleepy trade on Friday, while the US dollar held around two-year highs on speculation that figures later in the day will show the US economy outperforming the rest of the developed world, according to Reuters.

The euro was off 1% for the week at US$1.1133 as euro zone economic figures continued to disappoint, it said.

Hong Leong IB Research said with the ongoing US corporate earnings going into a halfway mark, the near-term upward momentum is fading as better-than-expected results from the tech stocks were unable to inspire the Dow to trend higher.

"At the same time, market participants are awaiting for more catalysts from next week's trade discussion between the US and China, should any negative surprises emerge on the trade front, the Dow may retrace lower.

"As investors are closely watching for further catalysts from the PM visit to China, profit-taking activities have emerged and could see sideways consolidation on the KLCI (resistance located around 1,640-1,658).

"Nevertheless, with the news China would buy additional 1.9 million tonnes of palm oil from Malaysia over the next five years, we may anticipate CPO (crude palm oil) futures to be traded actively over the near term. On the broader market, traders may still focus on construction and building material stocks on the back of the ECRL (East Coast Rail Link) and Bandar Malaysia reinstatement news," it said.

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