FBM KLCI down after volatile trade; Genting Malaysia up

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KUALA LUMPUR (Aug 30): The FBM KLCI pared losses for a 1.01-point or 0.06% drop after volatile trade as investors evaluated Malaysian corporate earnings and as China-US trade spat concerns lingered.

The Malaysian corporate financial reporting season for the April-June quarter is nearing conclusion today. The reporting season starts in July although most companies announce their earnings in August.

At Bursa Malaysia today, the KLCI settled at 1,819.63 at 12:30pm. The KLCI had earlier risen to its highest so far today at 1,822.92 and fallen to its lowest at 1,817.83.

"Given the persistent weakness in lower liners and market breadth, profit taking and selling interest should continue to restrict upside potential," TA Securities Holdings Bhd wrote in a note today.

At 12:30pm, the KLCI pared losses as KLCI-linked stocks like Hong Leong Bank Bhd and Genting Malaysia Bhd rose. Genting Malaysia added five sen to settle at RM5.21 after the group declared a dividend of six sen a share.

Globally, the China-US trade spat remains a crucial concern. Reuters reported that Asian stocks surrendered earlier gains and dipped on Thursday, with Chinese markets fixed firmly on risks from the Sino-US trade war and taking little comfort from an apparent easing in business tensions in North America and Europe.