KLCI falls 0.81% to below 1,690 as index-linked blue chips weigh

TheEdge Tue, Nov 27, 2018 10:32am - 5 years View Original


KUALA LUMPUR (Nov 27): The FBM KLCI fell 0.81% at mid-morning today and slipped below the 1,690-point level, dragged by losses at key index-linked blue chips.

At 10am, the FBM KLCI lost 13.73 points to 1,688.26.

Losers led gainers by 378 to 129, while 237 counters traded unchanged. Volume was 539.8 million shares valued at RM577.41 million.

The top losers included Genting Malaysia Bhd, Genting Bhd, Nestle (M) Bhd, Apex Healthcare Bhd, Public Bank Bhd, Amway (M) Holdings Bhd, Tenaga Nasional Bhd and Pos Malaysia Bhd.

The actives included Genting Malaysia, Tatt Giap Group Bhd, Sapura Energy Bhd, Lay Hong Bhd, Datasonic Group Bhd and Nova MSC Bhd.

The gainers included Aeon Credit Service (M) Bhd, Hong Leong Industries Bhd, Petronas Gas Bhd, Panasonic Manufacturing Malaysia Bhd, United Plantations Bhd, Syarikat Takaful Malaysia Keluarga Bhd and LPI Capital Bhd.

Asian shares battled to extend a global rebound on Tuesday after US President Donald Trump seemed to quash hopes of a trade truce with China, dampening risk appetite across the region, according to Reuters.

Japan's Nikkei managed to edge up 0.4%, but MSCI's broadest index of Asia-Pacific shares outside Japan was all but flat, the newswire said.

Hong Leong IB Research in a traders' brief said that in the US, with the healthy rebound along the lower band of the upward channel, coupled with positive rebound on crude oil prices as well as technology giants, it anticipated further recovery would be seen.

"Nevertheless, traders will be watching the upcoming major events such as the Trump-Xi discussions in the G20 summit, FOMC (Federal Open Market Committee) and OPEC meetings for further clues on stock markets.

"Tracking the Wall Street positive performance overnight, we believe buying support may emerge on the local front.

"However, Asia's sentiment may be affected by Trump's comment that he is expecting to move on with raising tariffs on the US$200 billion (RM838.9 billion) Chinese imports to 25% (from 10%).

"Meanwhile, traders are likely to focus on oil and gas stocks amid rising crude oil (prices)," it said.

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