KUALA LUMPUR (Sept 12): The FBM KLCI reversed much of its gains at mid-morning today and slipped below the 1,800-level, in line with wobbly regional markets.
At 10.05am, the FBM KLCI fell 7.58 points to 1,791.59. The index had earlier risen to a high of 1,822.68.
Losers outpaced gainers by 543 to 135, while 239 counters traded unchanged.
Volume was 621.61 million RM668.74 million.
The losers included Ajinomoto (M) Bhd, Petronas Dagangan Bhd, Panasonic Manufacturing Malaysia Bhd, Top Glove Corp Bhd, Heineken Malaysia Bhd, Kuala Lumpur Kepong Bhd, Nestle (M) Bhd, KESM Industries Bhd and Dutch Lady Milk Industries Bhd.
The actives included Sapura Energy Bhd, Borneo Oil Bhd, My E.G. Services Bhd, Priceworth International Bhd, Trive Property Group Bhd, AirAsia X Bhd and Hibiscus Petroleum Bhd.
The gainers included Petronas Gas Bhd, Fraser & Neave Holdings Bhd and Malaysia-listed Hang Seng Index-linked put warrants.
Asian stocks were pinned near 14-month lows on Wednesday, as investor confidence was chilled by the latest round of verbal threats in an intensifying U.S.-China trade conflict, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.05 percent, hovering near its lowest levels plumbed since July 2017 on Monday, it said.
Hong Leong IB Research in a traders’ brief said the trade discussions and worries between the US and its trading partners will be an on-going concern which may dampen the trading tone of the stock markets.
“Hence, we anticipate that Wall Street may trend sideways over the near term.
“Tracking the overnight positive Wall Street performance, buying interest may spillover towards stocks on the local bourse.
“The firmer crude oil prices and the weaker ringgit position should also lift the trading activities amongst the O&G and export-oriented stocks,” it said.