Tuesday 19 Mar 2024
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KUALA LUMPUR (Aug 3): The FBM KLCI fell 0.59% in early trade this morning despite a marked improvement in the July manufacturing data, as key index-linked stocks including Public Bank Bhd and Tenaga Nasional Bhd dragged, against mixed regional markets.

The recovery in the Malaysian manufacturing sector continued in July.

The headline IHS Markit Malaysia Manufacturing Purchasing Managers’ Index (PMI) – a composite single-figure indicator of manufacturing performance – posted 50.0 in July, down marginally from 51.0 in June but still well above the readings seen during the worst of the Covid-19 downturn and above the survey's long-run average of 49.0.

At 9.05am, the benchmark index fell 9.43 points to 1,594.32.

The early losers included Nestle (M) Bhd, Petronas Gas Bhd, Public Bank Bhd, Genting Plantations Bhd, Hong Leong Financial Group Bhd, Tenaga Nasional Bhd, Hap Seng Consolidated Bhd, IOI Corp Bhd, Malaysia Airports Holdings Bhd and ViTrox Corp Bhd.

Bloomberg said Asian stocks started August in a mixed fashion amid a resurgence in Covid-19 cases and simmering U.S.-China tension.

The dollar rose and Treasuries slipped, it said.

Rakuten Trade Sdn Bhd in its daily market report said global sentiments seem to have turned cautious as trading activities on equities had been rather mixed last week.

It said Wall Street flip-flopped throughout the session before tech stocks helped pushed the Dow Jones Industrial Average 115 points higher to close at almost the 26,430 level.

“Regionally, the equity markets remained stuck within their consolidation mode and expect it to continue today.

“Locally, the lack of strong catalysts should see the FBM KLCI to trend within a range of between 1,595-1,610 range today as we see continued buying support from the domestic funds.

“Meanwhile, gold price had scaled to its record high level to around the USD1,983/oz level,” it said.

 

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