KLCI clings on to 1,400 level, volume of shares near 1bil

TheStar Tue, Apr 21, 2020 09:45am - 12 months ago


market open

KUALA LUMPUR: Bursa Malaysia was broadly lower in early Tuesday trade as the FBM KLCI fell briefly below the crucial 1,400 level, in line with the cautious key Asian markets following the overnight slide on Wall Street.

At 9.23am, the KLCI was down 10.19 points or 0.72% to 1,402.93. Turnover was nearly one billion shares driven by AIRASIA X and sugar refiner MSM.

Turnover was 974.77 million shares valued at RM392.69mil. The broader market was weaker as decliners beat advancers 514 to 88 while 218 counters were unchanged.

Bloomberg reported Asian stocks followed their US counterparts lower, with investors on edge as oil futures plunged to unprecedented levels and earnings season continued.

Equities opened lower in Japan, Australia and South Korea. S&P 500 futures edged higher after US stocks fell from six-week highs.

Reuters reported oil prices rebounded, with US crude turning positive after trading below $0 for the first time ever, but gains were capped amid unresolved concerns about how the market can cope with fuel demand decimated by the coronavirus pandemic.

US West Texas Intermediate (WTI) crude for May delivery was up $38.73 at $1.10 a barrel by 0117 GMT after settling down at a discount of $37.63 a barrel in the previous session.

The May contract expires on Tuesday, while the June contract, which is more actively traded, jumped $1.72 cents, or 8.4%, to $22.15 a barrel. Global benchmark Brent crude for June delivery was up 49 cents, or 1.9%, at $26.06 per barrel.

At Bursa on Monday, retail investors were net buyers at RM141.1mil and local institutions at RM74.3mil but foreign funds net sellers at RM215.4mil.

In early Tuesday trade, Dutch Lady fell RM1.78 to RM46.70, Panasonic 80 sen to RM31.20, Carlsberg 74 sen to RM28.84 and Heineken 40 sen to RM24.60.

Petronas Dagangan fell 52 sen to RM20.20 and YINSON 22 sen lower at RM5.18 as crude oil prices tumbled.

SAM Engineering lost 37 sen to RM5.59, HLFG 36 sen to RM13.40 and LPI 34 sen to RM13.08.

AirAsia X rose one sen to 13.5 sen with 72.71 million shares done, MSM added five sen to 65 sen with 65.97 million shares traded.

SHL was the top gainer, 19 sen to RM2.10, Latitude Tree 13 sen to RM1.92, Comfort nine sen to RM1.17 and Litrak eight sen to RM3.98 while MFlour added 7.5 sen to 59 sen.

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YINSON 5.280

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