KLCI falls 0.88% on pre-election jitters

TheEdge Mon, May 07, 2018 10:22am - 5 years View Original


KUALA LUMPUR (May 7): The FBM KLCI lost 0.88% at mid-morning as pre-election jitters spooked investors and foreign funds turned net sellers last week, ending a four-week buying streak.

At 10am, the FBM KLCI lost 16.01 points to 1,825.82.

Losers thumped gainers by 543 to 85, while 230 counters traded unchanged. Volume was 490.31 million shares valued at RM216 million.

The top losers included Nestle (M) Bhd, Petronas Dagangan Bhd, Ayer Holdings Bhd, Fraser & Neave Holdings Bhd, Hong Leong Bank Bhd, Time dotCom Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd and Top Glove Corp Bhd.

The actives included Sapura Energy Bhd, Borneo Oil Bhd, Sumatec Resources Bhd, Nexgram Holdings Bhd and Maxwell International Holdings Bhd.

The gainers included British American Tobacco (M) Bhd, Focus Lumber Bhd, Pecca Group Bhd and Sunzen Biotech Bhd.

Asian shares crept higher on Monday after a tame reading on US wages lessened the risk of faster rate hikes by the Federal Reserve, although Sino-US trade tensions and a looming deadline for the Iranian nuclear deal argued for caution, according to Reuters.

The week ahead also has important readings on the health of the Chinese economy, and hence global demand, as well as the latest data on US consumer price inflation, it said.

Hong Leong IB Research in a traders' brief said over at Wall Street, the near-term volatility has stabilised amid the better-than-expected earnings season in the US led by technology sector.

"Nevertheless, should there be any surprises from the trade discussions between the US and China, market volatility may return.

"We opine that the sentiment on the local bourse would stay lacklustre ahead of the major event (GE14) in Malaysia. Investors will be focusing on the outcome and determine the investment direction moving forward.

"Also, the weekly foreign net trade flows is negative at RM161.1 million. Hence, we think the FBM KLCI is likely to trade on a sideways mode as investors remain (on the) sidelines," it said.

 

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

1201 0.000
AYER 7.000
BAT 8.100
BORNOIL 0.010
F&N 29.260
FLBHD 0.485
HLBANK 19.380
KLK 22.440
NESTLE 118.200
NEXGRAM 0.030
PECCA 1.360
PETDAG 21.580
PETGAS 17.620
SAPNRG 0.050
SUNZEN 0.330
TOPGLOV 0.800

Comments

Login to comment.