Friday 29 Mar 2024
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KUALA LUMPUR (Sept 27): The FBM KLCI retreated at mid-morning today as sentiment at the local market remained wary with a lack of fresh catalysts.

At 10am, the FBM KLCI shed 0.47 points to 1,765.12.

Gainers led losers by 260 to 204, while 293 counters traded unchanged. Volume was 493.68 million shares valued at RM244.32 million

The top losers included Superlon Holdings Bhd, Dutch Lady Milk Industries Bhd, Ajinomoto (M) Bhd, British American Tobacco (M) Bhd, Heineken Malaysia Bhd, Genting Plantations Bhd, Lafarge Malaysia Bhd, Petron Malaysia Refining & Marketing Bhd and Star Media Group Bhd.

The actives included Frontken Corp Bhd, Hubline Bhd, Hibiscus Petroleum Bhd, Icon Offshore Bhd, Sino Hua-An Interntional Bhd, Trive Property Group Bhd, Alam Maritim Resources Bhd, Permaju Industries Bhd and Vivocom International Holdings Bhd.

The gainers included Malaysian Pacific Industries Bhd, Petronas Gas Bhd, Bison Consolidated Bhd, JHM Consolidation Bhd, SWS Capital Bhd, Time Dotcom Bhd, PPB Group Bhd, Mercury Industries Bhd, Malaysia Airports Holdings Bhd and Hai-O Enterprise Bhd.

The dollar climbed to a one-month high and bond yields rose on Wednesday as risks grew for a U.S. interest rate hike in December, while Asian stocks hovered near multi-week lows as tensions in the Korean peninsula remain elevated, according to Reuters.

Markets were put on notice by Federal Reserve Chair Janet Yellen who used a Tuesday speech to warn it would be "imprudent" to keep policy on hold until inflation is back to 2 percent. She said the U.S. central bank "should also be wary of moving too gradually" on rates, it said.

Hong Leong IB Research in a traders’ brief today said investors may still trade on a sideways trend amid the slightly muted North Korea geopolitical developments as traders turned the focus to Janet Yellen's statement yesterday.

“Hence, the Dow's upside will be capped along 22,420-22,500.

“Although the US stock markets traded softer, we think the selling pressure on our local front is likely to dissipate after the FBM KLCI revisited the support near 1,760.

“Traders may focus on oil and gas related stocks on the back of firmer crude oil prices trend and stocks that are severely oversold over the past few trading days,” it said.

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