KLCI falls 0.55% as glovemakers lead retreat

TheEdge Wed, Nov 06, 2019 10:32am - 1 year ago


KUALA LUMPUR (Nov 6): The FBM KLCI fell 0.55% at mid-morning today as index-linked glovemakers led the retreat at the local bourse.

At 10am, the FBM KLCI fell 8.77 points to 1,597.97.

Losers led gainers by 306 to 153, while 306 counters traded unchanged. Volume was 574.99 million shares valued at RM276.37 million.

The top losers included Hartalega Holdings Bhd, Top Glove Corp Bhd, Hong Leong Bank Bhd, Petronas Chemicals Group Bhd, Public Bank Bhd, Hengyuan Refining Company Bhd, Dufu Technology Corp Bhd, Allianz Malaysia Bhd and Tenaga Nasional Bhd.

The actives included NetX Holdings Bhd, Velesto Energy Bhd, KNM Group Bhd, Komarkcorp Bhd and Sapura Energy Bhd.

The gainers included Fraser & Neave Holdings Bhd, Chin Teck Plantations Bhd, British American Tobacco (M) Bhd, PPB Group Bhd, PLB Engineering Bhd, Malaysia Airports Holdings Bhd and PJBumi Bhd.

Asian shares were little changed on Wednesday as investors awaited new developments towards scaling back a bruising trade war between the United States and China, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was unchanged. Australian shares were up 0.14%, while Japan's Nikkei stock index rose 0.35%, it said.

Hong Leong IB Research said despite the positive progress in the US and China trade front over the past few weeks, the comments from China requesting for a partial tariff removal on selected Chinese goods could be another resistance towards a potential mini deal to be signed over the near term.

Hence, it said market participants could be slightly cautious over the near term, capping the upside potential on Wall Street. The Dow's support is at 27,000.

On the KLCI outlook, it said the bullish tone in the regional stock markets may sustain over the near term given the positive progress in the US-China trade talks, though market participants are still waiting for the signing of the "Phase-One" deal following the push factor from China.

"Although general market trend is supported by the lift in banking shares, should there be any disappointments in the upcoming reporting season, profit-taking activities could emerge.

"KLCI's trading range will be located around 1,600-1,620," it said.






Related Stocks

AIRPORT 5.600
ALLIANZ 14.500
BAT 13.300
CHINTEK 6.900
DUFU 3.420
F&N 31.600
HARTA 12.200
HENGYUAN 5.400
HLBANK 17.800
KNM 0.195
KOMARK 0.900
NETX 0.135
PBBANK 21.200
PCHEM 7.510
PJBUMI 0.230
PLB 1.130
PPB 19.240
SAPRES 0.485
TENAGA 10.180
TOPGLOV 6.420
VELESTO 0.135

Comments

Okokok佬
Like · Reply
good excuse, ass hole gov

Login to comment.