Friday 29 Mar 2024
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KUALA LUMPUR (Dec 6): The FBM KLCI fell 0.32% at mid-morning, dragged by losses at index-linked banking stocks, in line with the weaker regional markets.

At 10am, the FBM KLCI fell 5.57 points to 1,719.29.

Gainers led losers by 228 to 219, while 283 counters traded unchanged. Volume was 317.22 million shares valued at RM241.18 million.

The top losers included Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, Ajinomoto (M) Bhd, United Plantations Bhd, Manulife Holdings Bhd, Allianz Malaysia Bhd, Malayan Banking Bhd, Success Transformer Corp Bhd, Malaysia Pacific Industries Bhd and Sime Darby Plantation Bhd.

The actives included Vivocom Intl Holdings Bhd, MUI Industries Bhd, Trive Property Group Bhd, PUC Bhd, Hubline Bhd, Sino Hua-An International Bhd, Key Alliance Group Bhd and Hibiscus Petroleum Bhd.

The gainers included Nestle (M) Bhd, Petron Malaysia Refining & Marketing Bhd, Heineken Malaysia Bhd, Hengyuan Refining Company Bhd, KLCC Property Holdings Bhd, Petronas Gas Bhd, Petronas Chemicals Group Bhd and Tong Herr Resources.

Asian stocks slipped on Wednesday, pressured by losses on Wall Street as the technology sector stuttered yet again after a brief rebound, while the dollar sagged on lower long-term U.S. yields, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.2 percent, it said.

Hong Leong IB Research in a traders’ brief said that in the US, the retracement may persist over the near term on the back of rotational play by the investors into stocks that are undervalued within the banking, telecoms and energy stocks.

“On the local front, investors are likely to continue its buying support into heavyweights after the rebound on KLCI yesterday.

“Investors may look for opportunities on the domestic front, consumer related on the back of the stronger ringgit, which hit near the RM4.05/US$ yesterday.

“Also, we think oil and gas stocks could see some revival in buying interest as Brent crude oil prices sustained above the US$60 level,” it said.

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