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KLCI remains muted in line with struggling regional markets

TheEdge Tue, Jul 09, 2019 10:18am - 2 months ago

KUALA LUMPUR (July 9): The FBM KLCI stayed muted at mid-morning today, tracking struggling regional markets.

At 10am, the FBM KLCI was up 1.93 points to 1,679.57.

Gainers led losers by 226 to 207, while 307 counters traded unchanged. Volume was 659.09 million shares valued at RM241.37 million.

The top gainers included Carlsberg Brewery Malaysia Bhd, Petronas Gas Bhd, Bursa Malaysia Bhd, United Plantations Bhd, SAM Engineering & Equipment (M) Bhd, Kuala Lumpur Kepong Bhd, Pentamaster Corp Bhd, Petronas Dagangan Bhd and Hai-O Enterprise Bhd.

The actives included Barakah Offshore Petroleum Bhd, Ekovest Bhd. London Biscuits Bhd, Green Packet Bhd, APFT Bhd and Sapura Energy Bhd.

The top losers included London Biscuits, Atlan Holdings Bhd, Kimlun Corp Bhd, Hengyuan Refining Co Bhd, Tenaga Nasional Bhd, Zhulian Corp Bhd and Hap Seng Plantations Holdings Bhd.

Asian stocks struggled to rebound on Tuesday as investors came to terms with sharply reduced expectations the US Federal Reserve (Fed) will deliver a large interest rate cut at the end of July, according to Reuters.

Those views were bolstered after solid gains in US jobs for June and pushed down Wall Street for the second straight day, it said.

Hong Leong IB Research said as the expectations on the Fed rate cut dimmed in the upcoming July Federal Open Market Committee (FOMC) meeting after the stronger jobs data last week, Wall Street is likely to stay neutral for the near term.

It said investors will continue to watch out for any news related to the trade discussion between the US and China as it will reaffirm the investment decisions on the longer term horizon.

"The Dow is likely to trend below the 27,000 psychological level without any fresh impetus.

"We expect the negative overnight performance on Wall Street may spill over to stocks on the local front, extending the pull back on the KLCI as traders are likely to stay cautious ahead of the FOMC meeting minutes.

"Also, without any significant catalyst leading the markets, we believe the KLCI may trade sideways over the near term within the range of 1,666-1,700," it said.

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