KLCI pares loss, sentiment stays tepid in line with region

TheEdge Thu, Aug 01, 2019 10:17am - 4 years View Original


KUALA LUMPUR (Aug 1): The FBM KLCI pared some of its loss at mid-morning today but overall sentiment remained tepid in line with regional markets.

At 10am, the FBM KLCI was down 2.53 points to 1,632.34. The index had earlier slipped to a low of 1,627.95.

Losers led gainers by 324 to 172, while 315 counters traded unchanged. Volume was 574.68 million shares valued at RM322.16 million.

The top losers included Nestle (M) Bhd, Kuala Lumpur Kepong Bhd, Fraser & Neave Holdings Bhd, Hong Leong Bank Bhd, Petronas Dagangan Bhd, Hong Leong Financial Group Bhd, Time Dotcom Bhd, Allianz Malaysia Bhd and Public Bank Bhd.

The actives included Tashin Holdings Bhd, i-Stone Group Bdh, Zelan Bhd, Hubline Bhd, KNM Group Bhd, UCrest Bhd and Barakah Offshore Petroleum Bhd.

The gainers included British American Tobacco (M) Bhd, Press Metal Aluminium Holdings Bhd, UMW Holdings Bhd, G3 Global Bhd, Chin Teck Plantations Bhd, RHB Bank Bhd and Syarikat Takaful Malaysia Keluarga Bhd.

Asian shares fell to six-week lows on Thursday and the US dollar rose after the US Federal Reserve delivered a 25-basis-point rate cut as expected but poured cold water on market expectations of a lengthy easing cycle, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.4%, extending losses for a fifth day to the lowest since mid-June, it said.

Hong Leong IB Research said with the expectation of further interest rate cut later this year has faded, it believed the recent rally that has been driven by the rate cut expectation may take a breather and upside of the Dow will be capped along 27,400.

"Hence, all eyes will be on the developments of the trade talks between the US and China as well as the ongoing US reporting season for now. The Dow's trading range will be located around 26,500-27,000.

"Following the negative tone in the US, we expect the soft market sentiment may spill over towards stocks on the local front.

"Market participants will be focusing on the developments from the resumption of US-China trade talks this week. Also, traders may look out for trading opportunities within the O&G (oil and gas) [stocks] as crude oil prices steadied above US$65. For the KLCI, it may extend its pullback phase below the immediate resistance of 1,658," it said.

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