KLCI stays negative on profit taking ahead of Hari Raya weekend, regional markets muted on renewed US-Sino tensions

TheEdge Fri, May 22, 2020 10:20am - 11 months ago


KUALA LUMPUR (May 22): The FBM KLCI stayed in negative zone at mid-morning Friday as trading ahead of the extended weekend for the Hari Raya Aidilfitri holidays was lacklustre with profit taking, against the backdrop of muted regional markets following the overnight correction at Wall Street and renewed US-Sino tensions.

At 10am, the FBM KLCI fell 6.33 points to 1,445.78.

Losers led gainers by 861 to 275, while 305 counters traded unchanged. Trading volume was 1.56 billion shares valued at RM903.13 million.

The top losers included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, UEM Edgenta Bhd, Kossan Rubber Industries Bhd, Petron Malaysia Refining & Marketing Bhd, Chin Teck Plantations Bhd, Hong Leong Financial Group Bhd and Carlsberg Brewery Malaysia Bhd.

The actives included GD Express Carrier Bhd, Hubline Bhd, Comfort Gloves Bhd, MSM Malaysia Holdings Bhd, Media Prima Bhd, Velesto Energy Bhd, Key Alliance Group Bhd and Rimbunan Sawit Bhd.

The gainers included Nestle (M) Bhd, Top Glove Corp Bhd, Supermax Corp Bhd, Bursa Malaysia Bhd and Malaysia-listed Hang Seng Index-linked put warrants.

Bloomberg said Asian stocks saw a muted open Friday as rising tension between the US and China added to concern about the pace of economic recovery from the coronavirus pandemic.

US futures edged higher, it said.

Hong Leong IB Research said led by active local institutional funds, the KLCI is expected to exhibit strength to advance further to test 1,460-1,470 levels in the near term, supported by the bullish triangle breakout and positive daily/weekly technicals.

“Nevertheless, smallcap and lower liners are likely to witness further sideways consolidation and lower retail participation ahead of the long Hari Raya holidays (Bursa will be closed on May 25-26) and ongoing results season,” it said.






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