KLCI dips below 1,750 as heavyweights drag

TheEdge Thu, Mar 30, 2017 10:43am - 7 years View Original


KUALA LUMPUR (March 30): The FBM KLCI dipped below the 1,750-point level at mid-morning today, dragged by heavyweights Malayan Banking Bhd (Maybank) and Tenaga Nasional Bhd.

At 10am, the FBM KLCI fell 2.59 points to 1,747.82.

The top losers included Batu Kawan Bhd, UEM Edgenta Bhd, Genting Malaysia Bhd, A-Rank Bhd, Kuala Lumpur Kepong Bhd, Ajinomoto (M) Bhd, Malaysia Airports Holdings Bhd, Cahya Mata Sarawak Bhd, Unisem (M) Bhd, Comintel Corp Bhd, AMMB Holdings Bhd, Maybank and Tenaga.

The actives included Trive Property Group Bhd, Zelan Bhd, SKH Consortium Bhd, Technodex Bhd, Key Alliance Group Bhd, KNM Group Bhd and Permaju Industries Bhd.

The gainers included British American Tobacco (M) Bhd, Malaysian Pacific Industries Bhd, OldTown Bhd, Malton Bhd, CAB Cakaran Corp Bhd, RCE Capital Bhd, APM Automotive Holdings Bhd, Halex Holdings Bhd and Rhone Ma Holdings Bhd.

Asian shares edged up to near their highest in two years on Thursday, while the US dollar benefited from waning expectations that the European Central Bank was poised to end its easy policy, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.2% higher in early trade, pushing against its loftiest levels since June 2015, it said.

Hong Leong IB Research said overseas markets digested fairly well after UK Prime Minister Theresa May triggered Article 50 and Brexit talks started.

"Hence, we opine that the near-term catalyst would depend on the recovery pace of crude oil prices and US earnings season, which will be starting in April.

"Meanwhile, on our local bourse, we believe market is overbought at this juncture on the FBM KLCI, hence upside could be capped around 1,760.

"Nevertheless, small caps and lower liners within the oil and gas segment may benefit from stronger overnight crude oil prices, which Brent oil recovered above US$50 and may retest US$54 over the near term," it said.

 

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