KLCI extends loss as telcos, blue chips weigh

TheEdge Fri, Jul 05, 2019 09:08am - 4 years View Original


KUALA LUMPUR (July 5): The FBM KLCI extended its loss in early trade this morning, dragged by key index-linked telecommunications and blue chip stocks.

At 9.05am, the FBM KLCI shed 220 points to 1,685.28.

The top losers included Axiata Group Bhd, Bursa Malaysia Bhd, Maxis Bhd, Ajinomoto (M) Bhd, Genting Bhd, Gamuda Bhd, Kawan Food Bhd and Magnum Bhd.

Asian stocks looked set for a muted start to trading with no direction from their U.S. counterparts thanks to the American holiday. The dollar was flat as investors await the key U.S. jobs report Friday, according to Bloomberg.

Futures in Japan, Australia and Hong Kong were little changed, as were U.S. contracts. European shares drifted Thursday in a lackluster session marked by thin trading volumes. Core bonds in the region climbed, with German 10-year yields dipping below the European Central Bank’s deposit rate for the first time. Treasuries weren’t trading thanks to Independence Day. Gold slipped but stayed above $1,400. Oil futures fell, even amid further Middle East tensions, with the British seizure of an Iranian vessel, it said.

Kenanga IB Research said despite US stocks closing at record highs most major Asian markets closed mixed as trade war concerns still cast an ominous shadow.

It said back home, the FBM KLCI fell another 2.57 points (-0.15%) to end at 1,687.48.

“Chart-wise, the index has broken above its previous swing high of 1,682.23 after a short a consolidation phase.

“We believe the underlying trend remains bullish as the index remains above its key SMAs. From here, resistances can be found at 1,700 (R1),” it said.

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Related Stocks

AJI 18.600
AXIATA 2.690
BURSA 7.460
GAMUDA 5.270
GENTING 4.720
KAWAN 1.800
KENANGA 1.140
MAGNUM 1.140
MAXIS 3.370

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