KLCI dips 0.28% ahead of noon market close as blue chips drag

TheEdge Tue, Jun 04, 2019 10:15am - 4 years View Original


KUALA LUMPUR (June 4): The FBM KLCI dipped 0.28% at mid-morning in cautious trading ahead of the holiday shortened trading session today before the Hari Raya Aidilfitri holidays.

At 10.05am, the FBM KLCI fell 4.67 points to 1,650.64.

Losers led gainers by 253 to 191, while 273 counters traded unchanged. Volume was 400.89 million shares valued at RM265.89 million.

The top losers included Petronas Gas Bhd, Hong Leong Financial Group Bhd, Genting Bhd, Public Bank Bhd, IQ Group Bhd, Hartalega Holdings Bhd, Axiata Group Bhd, QL Resources Bhd and Lingkaran Trans Kota Holdings Bhd.

The actives included Lambo Group Bhd, Impiana Hotels Bhd, Sapura Energy Bhd, Hibiscus Petroleum Bhd, Iskandar Waterfront City Bhd and Focus Dynamics Group Bhd.

The gainers included Can-One Bhd, Syarikat Takaful Malaysia Keluarga Bhd, SAM Engineering & Equipment Bhd, Kuala Lumpur Kepong Bhd, Petronas Dagangan Bhd, RHB Bank Bhd, Hume Industries Bhd and Nestle (M) Bhd.

Shares in Asia inched higher and safe-haven assets gave up some overnight gains on Tuesday, as investors paused for breath after a volatile Wall Street session, but deeper concerns about growth have capped broader improvements in risk sentiment, according to Reuters.

Investor focus has shifted to monetary policy this week with Australia's central bank all but certain to cut interest rates to a fresh low at its meeting on Tuesday and India also tipped to ease on Thursday.

Hong Leong IB Research said in the US, with the on-going trade disputes between the US and China, market participants are dealing with another potential downside risk as several tech giants will be facing increased regulatory scrutiny as US Justice Department is preparing an antitrust investigation into selected tech giants.

“Hence, this may be a hurdle for further expansions in the future. Also, traders will be watching closely on developments between now and the G20 summit that will be held end-June for more clarity on the trade front. The Dow’s trading range will be located between 24,500-25,425.

“Tracking negative overnight performances on Nasdaq, coupled with the unsettled trade tensions, we believe that the negative sentiment may spill over towards technology stocks on the local front.

“Hence, under this cautious environment, investors could be taking a defensive approach to look for net cash or high dividend yielding stocks in order to cushion the downside risk in the market. In addition, export-related sector such as gloves may still be in focus on the back of weakening bias ringgit,” it said.

 

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