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KLCI trades range bound, in line with shaky regional markets

TheEdge Mon, Jun 17, 2019 10:36am - 3 months ago

KUALA LUMPUR (June 17): The FBM KLCI traded range bound at mid-morning today, tracking shaky regional markets.

At 10.15am, the FBM KLCI was up 0.43 points to 1,639.06.

Losers led gainers by 262 to 207, while 255 counters traded unchanged. Volume was 493.64 million shares valued at RM220.51 million.

The gainers included Nestle (M) Bhd, Tenaga Nasional Bhd, Yinson Holdings Bhd, Sarawak Consolidated Industries Bhd, Carlsberg Brewery Malaysia Bhd and Bermaz Auto Bhd.

The actives included Greatech Technology Bhd, Bumi Armada Bhd, Ekovest Bhd, Lambo Group Bhd and Sino Hua-An International Bhd.

The decliners included Apex Healthcare Bhd, Hume Industries Bhd, Tasek Corp Bhd, Lafarge Malaysia Bhd, Ta Ann Holdings Bhd and Heineken Malaysia Bhd.

Asian shares got off to a shaky start on Monday as investors were cautious ahead of a closely-watched Federal Reserve (Fed) meeting, while political tensions in the Middle East and Hong Kong kept risk-appetite in check, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan opened slightly lower and was last little changed, while Japan's Nikkei average stood flat, it said.

Hong Leong IB Research said that in the US, traders will be monitoring the Federal Open Market Committee (FOMC) meeting (June 18-19) to understand the interest rate outlook moving forward.

It said in addition, another major event that investors will be watching is the G20 summit (June 28-29), where hopes for a trade deal to be struck between the US and China are diminishing.

"Should any negative surprises surface such as interest rate hike or prolonged trade war on the FOMC or G20 summit, respectively, it may impact the stock markets negatively.

"The local market should stay in range bound consolidation mode this week, given external concerns dominated by US-China trade tensions and the monetary guidance of FOMC meeting this week in light of recent market expectations that the Fed could cut interest rates as much as three times this year," it said.

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