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KLCI stays lacklustre as Malaysia's 1Q GDP growth slows

TheEdge Thu, May 16, 2019 12:51pm - 4 months ago

KUALA LUMPUR (May 16): The FBM KLCI remained lacklustre at the midday break today as data showed that Malaysia's economy grew 4.5% in the first quarter of 2019, down from 5.3% a year earlier.

At 12.30pm, the FBM KLCI was down 2.41 points to 1,609.02.

Losers led gainers by 328 to 171, while 445 counters traded unchanged. Volume was 1.13 billion shares valued at RM733.15 million.

The top losers included Kuala Lumpur Kepong Bhd, Allianz Malaysia Bhd, Apex Healthcare Bhd, Malaysia Airports Holdings Bhd, Hartalega Holdings Bhd, Bintulu Port Holdings Bhd, KESM Industries Bhd and Hong Leong Bank Bhd.

The actives included Leong Hup International Bhd, Lambo Group Bhd, Vortex Consolidated Bhd, Hubline Bhd, Impiana Hotels Bhd and Iris Corp Bhd.

The gainers included British American Tobacco (M) Bhd, Nestle (M) Bhd, Heineken Malaysia Bhd, Pentamaster Corp Bhd, Tasek Corp Bhd, Time dotCom Bhd, Hong Leong Industries Bhd, Batu Kawan Bhd and Petronas Dagangan Bhd.

US equity futures declined and the yen edged up as Sino-American tensions continued to flare, leaving Asian equities volatile, according to Bloomberg.

Stocks fell in Tokyo and Seoul along with S&P 500 Index futures after US President Donald Trump moved to curb Huawei Technologies Co's access to the US market and American suppliers. Indexes in Hong Kong and China were modestly higher. Australian government bond yields plumbed fresh all-time lows and the Aussie fell as the unemployment rate unexpectedly rose, though the moves eased. Treasuries held steady after the two-year yield touched the lowest level since February 2018. Ten-year yields were at 2.37%. Oil rose above US$62 in New York, it said.

Affin Hwang Capital Research said the FBM KLCI Index rebounded, up 12.24 points or 0.77% on Wednesday, closing at 1,611.43.

"Performance of our local index lifted higher amidst a recovery seen in the US market overnight. Market breadth was positive with 599 gainers as compared to 276 losers.

"Nonetheless, overall trend is still pointing downwards and this is perceived merely as a temporary technical rebound.

"Anticipate the FBM KLCI Index to continue drifting lower amidst souring sentiments," it said.

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