Wednesday 01 May 2024
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KUALA LUMPUR (April 14): The FBM KLCI extended its losses at mid-morning today, in line with the regional markets spooked by geopolitical tensions.

At 10.02am, the FBM KLCI lost 6.32 points to 1,731.86 as all indices turned red.

The top losers included HCK Capital Group Bhd, Kuala Lumpur Kepong Bhd, Petron Malaysia Refining & Marketing Bhd, JHM Consolidation Bhd, Hai-O Enterprise Bhd, George Kent (M) Bhd, Malaysian Pacific Industries Bhd, British American Tobacco (M) Bhd, Scientex Bhd, UMW Holdings Bhd and Genting Malaysia Bhd.

The actives included Borneo Oil Bhd, Lion Diversified Holdings Bhd, Vizione Holdings Bhd, Priceworth International Bhd, Anzo Holdings Bhd, Compugates Holdings Bhd and Tiger Synergy Bhd.

The gainers included Petronas Gas Bhd, Harrisons Holdings (M) Bhd, TH Plantations Bhd, Sarawak Plantation Bhd, Ann Joo Resources Bhd, Westports Holdings Bhd, Southern Steel Bhd and Seacera Group Bhd.

Japanese and South Korean shares headed lower while the won came under pressure on Friday, hurt by rising geopolitical tensions in the Korean peninsula in otherwise holiday-thinned trade, according to Reuters.

Investors were spooked by worries North Korea may conduct a nuclear test or conduct other actions that could provoke neighbouring countries as early as this weekend, it said.

Hong Leong IB Research said the Dow may test lower supports near 20,000 next week ahead of the 1Q17 earnings reporting season and heightened geopolitical landscape.

"Meanwhile, investors are trying to get a handle on Trump's fiscal and economic plans following his flip-flop remarks lately.

"For Bursa Malaysia, in tandem with the external jitters and lack of fresh impetus, the FBM KLCI is envisaged to remain in consolidation mode with key supports at 1,705–1,726.

"Although volatility remains, firmer ringgit (vs US dollar) and oil prices will help to cushion any heavy selldown," it said.

 

 

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