KLCI pares loss, claws above 1,680-level

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KUALA LUMPUR (July 11): The FBM KLCI pared some of its losses at midday break today, and moved above the 1,680-point level.

The broader market sentiment remained negative, in line with the slumpt at most regional markets.

At 12.30pm, the FBM KLCI was down 1.50 points to 1,685.63. The index had earlier fallen to its intra-morning low of 1,679.18.

Losers led gainers by 403 to 123, while 506 counters traded unchanged. Volume was 1.10 billion shares, valued at RM862.55 million.

The top losers included British American Tobacco (M) Bhd, Nestle (M) Bhd, Top Glove Corp Bhd, Hai-O Enterprise Bhd, KESM Industries Bhd, Kossan Rubber Industries Bhd, Axiata Group Bhd, Supermax Corp Bhd, Allianz Malaysia Bhd and Gamuda Bhd.

The actives included Sapura Energy Bhd, Diversified Gateway Solutions Bhd, Nova MSC Bhd, Top Glove, George Kent (M) Bhd, Hibiscus Petroleum Bhd and Barakah Offshore Bhd.

The gainers included Heineken Malaysia Bhd, Public Bank Bhd, Batu Kawan Bhd, Genting Bhd, Hong Leong Industries Bhd, Maxis Bhd, United Plantatiosn Bhd and Tenaga Nasional Bhd.

U.S. threats of tariffs on an additional US$200 billion worth of Chinese goods sent Asian stocks lower on Wednesday, with China markets leading the declines, as trade tensions between the world's two biggest economies worsened, according to Reuters.

Washington proposed the extra tariffs after efforts to negotiate a solution to the dispute, failed to reach an agreement, senior administration officials said on Tuesday, Reuters said.

Affin Hwang Capital Research said the FBM KLCI Index continue its rebound yesterday, up 14.5 points, helped by rally in US stocks and is expected to continue in today’s session as well.

“Market breadth was positive, with 455 gainers, compared with 341 losers.

“The FBM KLCI Index likely to move sideways, with slight upward bias in the near-term,” the research house said.