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KLCI dips on cautious sentiment; 7-Eleven short selling halted

TheEdge Fri, Jun 14, 2019 10:23am - 5 months ago

KUALA LUMPUR (June 14): The FBM KLCI dipped at mid-morning today as sentiment turned cautious, while short selling activities for 7-Eleven Malaysia Bhd shares were suspended after the stock fell 15.33% or 23 sen to RM1.27, albeit in very thin trade of 500 shares.

At 10am, the FBM KLCI dipped 0.28 points to 1,643.46. The index had earlier risen to a high of 1,649.57.

Losers edged gainers by 222 to 219, while 278 counters traded unchanged. Volume was 526.92 million shares valued at RM285.56 million.

The top losers included 7-Eleven, Ajinomoto (M) Bhd, Hong Leong Bank Bhd, IGB Bhd, Heineken Malaysia Bhd, Inari Amertron Bhd, Public Bank Bhd, Globetronics Technology Bhd and Sime Darby Plantation Bhd.

The actives included Greatech Technology Bhd, Iskandar Waterfront City Bhd, Lambo Group Bhd and Econpile Holdings Bhd.

The gainers included APM Automotive Holdings Bhd, Nestle (M) Bhd, Tasek Corp Bhd, Lafarge Malaysia Bhd, Manulife Holdings Bhd, Genting Bhd, Carlsberg Brewery Malaysia Bhd, Genting Bhd, Genting Plantations Bhd and Petronas Dagangan Bhd.

Asian stocks held their ground on Friday after Wall Street gained on a surge in oil prices as attacks on tankers in the Gulf of Oman stoked US-Iran tensions and raised concerns over supply flows through one of the world's main sea lanes, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed, it said.

Hong Leong IB Research said that in the US, few major events that will be monitored by traders are the Federal Open Market Committee (FOMC) meeting next week and G20 summit which will be held end of June, where the latter is likely to be another crucial point for the trade disputes between the US and China to move on.

"Hence, investors are likely to stay on the sidelines ahead of the events and the Dow may trade range bound over the near term.

"After a three-day pullback, the FBM KLCI may start to rebound, tracking the gains on Wall Street.

"On the broader market, with construction sector news headlines re-surfacing recently on ECRL, traders may focus on earthworks and building material segments in the near term. Also, O&G (oil and gas) stocks may rebound today amid a spike in overnight oil prices," it said.

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