KLCI drifts lower in line with flat regional markets

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KUALA LUMPUR (Aug 2): The FBM KLCI drifted lower at mid-morning today in line with the flat regional markets on renewed worries of an escalation of the trade war between US and China.

At 10am, the FBM KLCI was down 0.97 point to 1,787.34.

Losers led gainers by 238 to 207, while 293 counters traded unchanged. Volume was 432.09 million shares valued at RM225.94 million.

The losers included British American Tobacco (M) Bhd, Carlsberg Brewery Malaysia Bhd, Riverview Rubber Estates Bhd, Hong Leong Industries Bhd, IHH Healthcare Bhd, Petron Malaysia Refining & Marketing Bhd and Malaysia Marine and Heavy Engineering Holdings Bhd.

The actives included Tiger Synergy Bhd, Sumatec Resources Bhd, GSB Group Bhd, Malakoff Corp Bhd, My E.G. Services Bhd and DRB-Hicom Bhd.

The gainers included Nestle (M) Bhd, KESM Industries Bhd, Ajinomoto (M) Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, Panasonic Manufacturing Malaysia Bhd, Thong Guan Industries Bhd, Malaysia Airports Holdings Bhd and Pestech International Bhd.

Asian stocks were little changed on Thursday, with sentiment fragile after the latest escalation in Sino-US trade war while global bond markets were rattled by Washington's increased borrowing and Japan's new tolerance for higher yields, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was off less than 0.1% in early trade while Japan's Nikkei was flat, it said.

JF Apex Securities Research said US markets ended mixed with the Dow and S&P falling on renewed concerns on trade war while Nasdaq rose after Apple surged to a record high following positive earnings.

It said that earlier, European stocks declined as optimism in quarterly results was overshadowed by trade tensions.

"On the local market, the FBM KLCI gained 4.06 points to 1,788.31 points.

"Following the mixed performance in the US and Europe, the FBM KLCI could hover below the resistance level of 1,800 points," it said.