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KLCI pares loss on firmer GDP, steadying regional markets

TheEdge Fri, Aug 16, 2019 12:49pm - 6 months ago

KUALA LUMPUR (Aug 16): The FBM KLCI pared some of its loss at the midday break today, as regional markets steadied and Bank Negara Malaysia released firmer domestic economic growth data.

Malaysia's economy has recorded a strong growth of 4.9% for the second quarter of 2019 (2Q19), supported by higher household spending and private investment, said Bank Negara Malaysia.

At 12.30pm, the FBM KLCI was down 5.98 points to 1,594.31. The index had earlier slipped to a low of 1,590.18.

Losers led gainers by 274 to 204, while 471 counters traded unchanged. Volume was 962.75 million shares valued at RM595.23 million.

The top losers included Genting Plantations Bhd, British American Tobacco (M) Bhd, Hong Leong Financial Group Bhd, Kuala Lumpur Kepong Bhd, MCE Holdings Bhd, Khind Holdings Bhd, Aeon Credit Service (M) Bhd, Sime Darby Plantation Bhd and Carlsberg Brewery Malaysia Bhd.

The actives included Eduspec Holdings Bhd, Green Packet Bhd, Vsolar Group Bhd, Tiger Synergy Bhd, PCCS Group Bhd, Iris Corp Bhd and KNM Group Bhd.

The gainers included United Plantations Bhd, Heineken Malaysia Bhd, LPI Capital Bhd, Dutch Lady Milk Industries Bhd, Nestle (M) Bhd, Pentamaster Corp Bhd, Sarawak Oil Palms Bhd, Serba Dinamik Holdings Bhd, PPB Group Bhd and Rapid Synergy Bhd.

Asian shares found some footing on Friday after a turbulent week as China hinted at more support for its economy, amid growing expectations of aggressive stimulus from all the major central banks, according to Reuters.

Sentiment got a lift when China's state planner said Beijing would roll out a plan to boost disposable income, though details were lacking, it said.

Affin Hwang Retail Research said the FBM KLCI Index closed flat on Thursday, down only 0.02 points, ending the session at 1,600.29.

"The index gapped down about 15 points initially but buyers managed to push price upwards throughout the session, closing the gap.

"Despite that, bearish bias remains as price is still registering lower highs and lower lows. Currently, there is no clear [sign] of any reversal upwards.

"Downward movement remains intact," it said.

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