KLCI falls 0.54% as Tenaga, Genting drag

TheEdge Thu, Jun 13, 2019 12:54pm - 4 years View Original


KUALA LUMPUR (June 13): The FBM KLCI fell 0.54% at the midday break today as losses including at Tenaga Nasional Bhd and Genting Bhd dragged the index lower in tandem with regional markets.

At 12.30pm, the FBM KLCI fell 8.84 points to 1,641.90.

Losers led gainers by 298 to 205, while 481 counters traded unchanged. Volume was 1.08 billion shares valued at RM809.9 million.

The top losers included Tenaga, PPB Group Bhd, Genting, DKLS Industries Bhd, Fraser & Neave Holdings Bhd, Spritzer Bhd, Hong Leong Bank Bhd, British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd and IHH Healthcare Bhd.

The actives included Greatech Technology Bhd, Priceworth International Bhd, Ekovest Bhd, Iskandar Waterfront City Bhd, Sapura Energy Bhd and HPMT Holdings Bhd.

The gainers included Nestle (M) Bhd, Lafarge Malaysia Bhd, Petronas Dagangan Bhd, Hong Leong Industries Bhd, Tasek Corp Bhd, Greatech, Hume Industries Bhd and Bermaz Auto Bhd.

Asian shares were led lower on Thursday as the Hong Kong market fell for second consecutive session following a day of massive street protests, while oil prices flirted with five-month lows due to higher US crude inventories and a bleak demand outlook, according to Reuters.

Hopes that the United States and China will clinch a deal on the sidelines of a Group of 20 summit meeting in Osaka on June 28-29 have been fading, also hurting sentiment and driving bond yields down, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed flat in yesterday's trading session, edging 0.46 points or 0.03% lower. The index closed at 1,650.74.

"Prices have been congesting sideways in the past five days within a 20-point range between 1,640 and 1,660 (resistance).

"Despite the current up move seen in the index, if we look at the larger picture, it is still within the prevailing long-term downtrend. Hence, we perceived this rebound as a mere temporary rally up.

"Short-term technical rebound still in progress but anticipated to be short lived," it said.

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