Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Jan 16): The FBM KLCI lost 0.45% at mid-morning today, dragged by index-linked stocks including Public Bank Bhd and Tenaga Nasional Bhd as regional markets stalled.

At 10am, the FBM KLCI lost 7.49 points to 1,671.93.

Losers led gainers by 254 to 201, while 264 counters traded unchanged. Volume was 524.54 million shares valued at RM264.98 million.

The losers included Fraser & Neave Holdings Bhd, Public Bank, Time Dotcom Bhd, Tenaga, Kuala Lumpur Kepong Bhd, Hap Seng Consolidated Bhd, Hong Leong Bank Bhd, Lingkaran Trans Kota Holdings Bhd, Unisem (M) Bhd and Press Metal Aluminium Holdings Bhd.

The actives included Fitters Diversified Bhd, Sapura Energy Bhd, FGV Holdings Bhd, Tatt Giap Group Bhd, APFT Bhd and Bumi Armada Bhd.

The gainers included Aeon Credit Service (M) Bhd, KESM Industries Bhd, Heineken Malaysia Bhd, Petron Malaysia Refining & Marketing Bhd, Supreme Consolidated Resources Bhd, Oriental Interest Bhd, United Plantations Bhd, Carlsberg Brewery Malaysia Bhd and SAM Engineering & Equipment (M) Bhd.

Asian shares took a breather on Wednesday after rallying the previous day on Chinese stimulus hopes, with investors assessing Brexit options after British lawmakers trounced Prime Minister Theresa May's deal to pull out Britain from the European Union, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was off a touch, having swung up on Tuesday after Chinese officials came out in force to signal more measures to stabilise a slowing economy, it said.

Hong Leong IB Research said with China vowing to put in more stimulus to support the slowing economy, it could lift global stock markets higher at least for the near term, eventually spilling over towards US stock markets.

In the meantime, investors will focus on the ongoing earnings season and developments on the trade front, according to the research house.

"Should there be any negative surprises from the above two events, we may anticipate heightened volatility in markets moving forward.

"Regionally, we see positive trading tone to emerge as China commented to cut taxes 'on a larger scale' to help support its slowing economy, especially for small businesses and manufacturing sector.

"Also, with decent performance on overnight Wall Street, we may see further rebound amongst stocks on the local front and traders can focus on oil and gas stocks amid recovery of Brent oil prices above US$60 (RM246.99)," it said.

      Print
      Text Size
      Share