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KLCI remains in the red as valuations stay stretched

TheEdge Thu, Jul 18, 2019 12:55pm - 4 months ago


KUALA LUMPUR (July 18): The FBM KLCI remained in the red at the midday break today, as valuations stayed stretched against the backdrop of tightly traded regional markets.

At 12.30pm, the FBM KLCI dipped 3.13 points to 1,654.40.

Losers led gainers by 345 to 180, while 517 counters traded unchanged. Volume was 1.56 billion shares valued at RM811.78 million.

The decliners included Petronas Chemicals Group Bhd, Batu Kawan Bhd, Allianz Malaysia Bhd, KESM Industries Bhd, Amway (M) Holdings Bhd, Panasonic Manufacturing Malaysia Bhd and Lafarge Malaysia Bhd.

The actives included i-Stone Group Bhd, NetX Holdings Bhd, KNM Group Bhd, Bumi Armada Bhd, Impiana Hotels Bhd, Focus Dynamics Group Bhd and Velesto Energy Bhd.

The gainers included Dutch Lady Milk Industries Bhd, United Plantations Bhd, Ajinomoto (M) Bhd, British American Tobacco (M) Bhd, Zhulian Corp Bhd, Carlsberg Brewery Malaysia Bhd, Can-One Bhd, Kossan Rubber Industries Bhd and QL Resources Bhd.

Most Southeast Asian stock markets traded in a tight range on Thursday, as the US Federal Reserve (Fed)'s bright domestic economic outlook curbed expectations of extensive policy easing and renewed tariff-war fears soured risk appetite, according to Reuters.

The Fed's Beige Book portrayed an economy that was largely in good shape ahead of a July 30-31 meeting at which the central bank is widely expected to reduce interest rates, it said.

Affin Hwang Capital Research said the FBM KLCI Index dropped 11.41 points or 0.68% in yesterday's session, closing at 1,657.53.

"Market breadth was negative with 225 gainers as compared to 618 losers. Trading volume was at 3.83 billion shares while value traded stood at RM1.95 billion.

"Broad selling can be seen in the market on the back of weak regional market performance. In terms of valuation, our local market looks stretched as compared to other regional markets and this may spark further concerns amongst investors.

"Anticipate the index to move sideways with downward bias," it said.








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