Thursday 28 Mar 2024
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KUALA LUMPUR (July 27): The FBM KLCI was down marginally at mid-morning, tracking losses at regional markets.

At 10am, the FBM KLCI was down 3.91 points to 1,762.32.

Losers led gainers by 348 to 153, while 269 counters traded unchanged. Volume was 524.56 million shares valued at RM261.75 million.

The top losers included Riverview Rubber Estates Bhd, Top Glove Corp Bhd, MSM Malaysia Holdings Bhd, PPB Group Bhd, Tenaga Nasional Bhd, JAKS Resources Bhd, Press Metal Aluminium Holdings Bhd, CIMB Group Holdings Bhd, Hengyuan Refining Company Bhd and Genting Malaysia Bhd.

The actives included Sapura Energy Bhd, Sino Hua-An International Bhd, Lay Hong Bhd, Priceworth International Bhd, Pegasus Heights Bhd and Radiant Globaltech Bhd.

The gainers included British American Tobacco (M) Bhd, Panasonic Manufacturing Malaysia Bhd, ViTrox Corp Bhd, Ajinomoto (M) Bhd, Kuala Lumpur Kepong Bhd and Pentamaster Corp Bhd.

Asian stocks struggled to gain traction on Friday, following a mixed end to Wall Street trade and as the worsening Sino-U.S. trade dispute kept investors in the region cautious, despite signs of rapprochement between the United States and Europe, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trade, it said.

Hong Leong IB Research in a traders’ brief said ongoing strong 2Q18 reporting season, expectations of a strong 2Q18 GDP release tonight and positive hopes in NAFTA talks with Canada and Mexico after the favourable trade development deals between the US-EU will support Dow’s upside in the near term.

“However, further strong advance could be limited due to overbought signals,” it said.

On the FBM KLCI outlook, it said although overnight positive gains in Dow and a rapidly reduced net outflow by the foreigners to RM35.7 million (-68% against 5 day average of RM112 million) may boost KLCI to retest 1776 levels today, further upside is limited towards 1789 amid stretched technicals and uncertainties ahead of the Aug reporting season.

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