KLCI turns negative in line with subdued regional markets

TheEdge Fri, Jun 14, 2019 12:50pm - 4 years View Original


KUALA LUMPUR (June 14): The FBM KLCI turned negative at the midday break today, in line with the subdued regional markets.

At 12.30pm, the FBM KLCI was down 3.83 points to 1,639.91. The index had earlier risen to a high of 1,649.57.

Losers led gainers by 324 to 199, while 447 counters traded unchanged. Volume was 1.02 billion shares valued at RM690.7 million.

Most of the indices on Bursa Malaysia were in red save for the FBMPalmoil, Energy, Industrial Products and Transportation indices.

The decliners included British American Tobacco (M) Bhd, Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, LPI Capital Bhd, Ajinomoto (M) Bhd, Hong Leong Financial Group Bhd, Petronas Gas Bhd, Fraser & Neave Holdings Bhd, Public Bank Bhd and IGB Bhd.

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

The gainers included Hap Seng Consolidated Bhd, Panasonic Manufacturing Malaysia Bhd, Allianz Malaysia Bhd, Genting Bhd, Manulife Holdings Bhd, APM Automotive Holdings Bhd, KESM Industries Bhd, Batu Kawan Bhd, Greatech and JMR Conglomeration Bhd.

Asian stocks were subdued on Friday ahead of key Chinese data that could provide more clues on how heavily the US-Sino trade war is weighing on the economy, while oil prices were supported by supply concerns after attacks on tankers in the Gulf of Oman, according to Reuters.

China will release May industrial production along with retail sales and investment numbers at 0700 GMT, it said.

Affin Hwang Capital Research said the FBM KLCI Index ended in the red for the third day on Thursday, shedding 7 points or 0.42%, closing at 1,643.74.

"Looking at the daily chart, prices are showing early signs of retracing lower, taking a breather from the previous strong up move.

"Note also that technical indicators, namely MACD (moving average convergence divergence) & RSI (relative strength index), are currently trading at overbought regions — this supports the fact that prices may take a temporary breather.

"Short-term technical rebound still in progress but anticipated to be short lived," it said.

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