KLCI pauses for a breather as Asian markets fall

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KUALA LUMPUR (July 16): The FBM KLCI paused for a breather at midday break today, tracking regional markets as China’s economic growth showed a modest slowdown.

At 12.30pm, the FBM KLCI was down 3.28 points to 1,718.65.

Losers led gainers by 293 to 224, while 550 counters traded unchanged. Volume was 1.11 billion shares, valued at RM681.36 million.

The top losers included Heinenek Malaysia Bhd, Hong Leong Bank Bhd, Genting Plantations Bhd, MSM Malaysia Holdings Bhd, Nestle (M) Bhd, RHB Bank Bhd, UMW Holdings Bhd, Malaysia Airports Holdings Bhd and CIMB Group Holdings Bhd.

The actives included My E.G. Services Bhd, Sin Hua-An International Bhd, Vivocom International Holdings Bhd, Malaysian Resources Corp Bhd, Frontken Corp Bhd and George Kent (M) Bhd.

The gainers included Top Glove Corp Bhd, United Plantations Bhd, Scientex Bhd, British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Kossan Rubber Industries Bhd, AirAsia Group Bhd and Hengyuan Refining Co Bhd.

Asian shares fell on Monday, as new data showed China's economy slowed slightly in the second quarter, compounded by fears of a full-scale Sino-U.S. trade war looming over markets, according to Reuters.

Official data showed China's economy grew 6.7% in the second quarter of 2018, cooling from the 6.8% growth registered in each of the previous three quarters, Reuters said.

Affin Hwang Capital Research said the FBM KLCI Index ended last week on a high note, gaining 18.36 points.

It said prices have breached above the 1650-1700 consolidation range convincingly and is expected to move higher in today’s session.

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