KLCI remains in the red as select blue chips drag

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KUALA LUMPUR (Sept 4): The FBM KLCI remained in negative zone at mid-morning today, dragged by losses at select index-linked blue chips.

At 10am, the FBM KLCI fell 2.52 points to 1,811.06.

Gainers led losers by 263 to 215, while 294 counters traded unchanged. Volume was 466.20 million shares valued at RM209.74 million.

The top losers included Kuala Lumpur Kepong Bhd, United Plantations Bhd, LPI Capital Bhd, Dutch Lady Milk Industries Bhd, Heineken Malaysia Bhd, Axiata Group Bhd, DiGi.Com Bhd, Magna Prima Bhd and Apollo Food Holdings Bhd.

The actives included Sapura Energy Bhd, Tiger Synergy Bhd, Vizione Holdings Bhd, Hibiscus Petroleum Bhd, Dagang NeXChange Bhd and Pesona Metro Holdings Bhd.

The gainers included British American Tobacco (M) Bhd, Petron Malaysia Refining & Marketing Bhd, Panasonic Manufacturing Malaysia Bhd, Malaysia Airports Holdings Bhd, Far East Holdings Bhd and UMW Holdings Bhd.

Asian shares fell in early trade on Tuesday, amid growing concerns over escalating international trade disputes and as emergency austerity measures in Argentina highlighted turbulence in emerging markets, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent after European shares ended mostly flat, though a weak British pound helped to lift London's blue-chip FTSE almost 1 percent, it said.

Hong Leong IB Research in a traders’ brief said on the Dow, it anticipates that the cautious trading tone could be extended moving nearer towards the conclusion of the public comments by this week.

“If the US$200 billion list is being implemented by the White House, it would be another major escalation on top of the current US$50 billion exports from China and it could further dampen the trading tone on the stock markets.

“On the local front, we expect the volatility to persist with a negative bias trading prior to the conclusion of the public comments over the near term.

“Also, we anticipate further selling pressure on small and mid-cap stocks as technicals in both the FBM Small Cap and FBM ACE are still weak at this juncture,” it said.