KLCI remains in the red in tandem with regional markets

TheEdge Tue, Oct 09, 2018 10:21am - 5 years View Original


KUALA LUMPUR (Oct 9): The FBM KLCI remained in negative zone at mid-morning today, in tandem with regional markets that were also mostly in the red.

At 10am, the FBM KLCI fell 2.63 points to 1,773.12.

Gainers led losers by 242 to 214, while 292 counters traded unchanged. Volume was 457.66 million shares valued at RM241.79 million.

The top losers included Kuala Lumpur Kepong Bhd, KESM Industries Bhd, Allianz Malaysia Bhd, Hong Leong Bank Bhd, Serba Dinamik Holdings Bhd, Press Metal Aluminium Holdings Bhd and Magni-Tech Industries Bhd.

The actives included Sapura Energy Bhd, Gamuda Bhd, Reach Energy Bhd, Borneo Oil Bhd and Iris Corp Bhd.

The gainers included Fraser & Neave Holdings Bhd, United Plantations Bhd, Hengyuan Refining Company Bhd, Hartalega Holdings Bhd, CI Holdings Bhd, Oriental Holdings Bhd and Supermax Corp Bhd.

Asian stocks opened lower on Tuesday following a mixed US session as investors took stock of a friction-filled visit by the American secretary of state to Beijing. Ten-year Treasury yields were steady around seven-year highs as they resumed trading after a holiday, according to Bloomberg.

Japanese shares declined as traders came back after a long weekend, hurt by a strengthening in the yen. Australian stocks dropped, while Hong Kong futures were also lower. China's markets remain a focal point after stocks slumped on Monday and the yuan weakened past 6.9 per US dollar in onshore trading. Overseas investors dumped US$1.4 billion of domestic Chinese shares through exchange links with Hong Kong Monday, it said.

Hong Leong IB Research in a traders' brief said in the US, with the unsettled trade developments between the US and China as well as the concerns over interest rate up-cycle outlook, these may extend the selling pressure on Wall Street.

"Also, traders may be focusing on the upcoming reporting season in the US that will be starting this week. Hence, the Dow's upside is likely to be limited around 27,000.

"We believe the sentiment on the broader market could remain negative amid the challenging outlook on construction sector.

"Also, investors could be awaiting more clarity during the 11MP mid-term review (Oct 18) and Budget 2019 (Nov 2). Hence, we believe that traders should stay cautious on construction stocks as cancellation of selected projects may pose downside risk on their corporate earnings moving forward," it said.

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