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

KLCI falls 0.29%, tracks regional loss

TheEdge Mon, May 13, 2019 10:31am - 4 months ago

KUALA LUMPUR (May 13): The FBM KLCI fell 0.29% at mid-morning today, tracking losses at regional markets.

At 10am, the FBM KLCI fell 4.74 points to 1,605.53.

Losers led gainers by 403 to 89, while 238 counters traded unchanged. Volume was 415.13 million shares valued at RM179.34 million.

The losers included Fraser & Neave Holdings Bhd, Heineken Malaysia Bhd, Pintaras Jaya Bhd, Merge Energy Bhd, British American Tobacco (M) Bhd, Hengyuan Refining Company Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Tasek Corp Bhd, Teck Guan Perdana Bhd and Pharmaniaga Bhd.

The actives included Bumi Armada Bhd, Tiger Synergy Bhd, Lambo Group Bhd, APFT Bhd, Advance Synergy Bhd, Ekovest Bhd, Nexgram Holdings Bhd and Berjaya Corp Bhd.

The gainers included Tong Herr Resources Bhd, Unisem (M) Bhd, Petronas Gas Bhd, Boustead Heavy Industries Corp Bhd, Kuala Lumpur Kepong Bhd, Pentamaster Corp Bhd, Harn Len Corp Bhd, SAM Engineering & Equipment (M) Bhd and Alliance Bank Malaysia Bhd.

Stock futures turned red in Asia early on Monday as a standoff in Sino-US trade talks blunted risk appetite, underpinning safe harbours including the Japanese yen and sovereign bonds, according to Reuters.

Nikkei futures were trading 0.9% lower while E-Mini futures for the S&P 500 lost 0.75%, it said.

Hong Leong IB Research said without any conclusion on the trade deal over the trade discussions last week, coupled with US President Donald Trump raising tariffs last Friday on US$200 billion worth of Chinese goods and a potential retaliation by China, the trade development could heat up fresh rounds of selling pressure.

"Hence, despite Treasury Secretary Steven Mnuchin [commenting] China trade talks were constructive and Chinese Vice Premier Liu He [stating] the talks went 'fairly well', President Trump [saying] the new tariffs 'may or may not be removed' in the future could limit the upside potential on Wall Street.

"Although Wall Street [staging] a strong comeback last Friday may translate to mild bargain-hunting activities across the board on Bursa Malaysia, the upside is likely to be limited on the back of another negative tweet from President Trump, forming an uncertain tone on the trade development between the US [and] China over the near term.

"Should [there be] further expansion of the tariffs on Chinese goods in the future, it could dampen sentiment in the global scene. At this juncture, US Dow futures are down by 0.84%," it said.

Related Stocks

ABMB 3.090
APFT 0.005
ARMADA 0.340
ASB 0.135
BAT 19.420
BHIC 1.300
BJCORP 0.260
BURSA 6.070
F&N 35.380
HEIM 24.000
KLK 23.100
LAMBO 0.055
MERGE 0.920
PENTA 4.270
PETGAS 16.420
PHARMA 2.460
PTARAS 3.360
SAM 8.050
TASEK 5.300
TIGER 0.055
UNISEM 2.010


Login to comment.