KLCI lifted by bargain hunting but seen closing lower before the weekend

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KUALA LUMPUR (Sept 6): The FBM KLCI made marginal gains today, thanks to bargain-hunting activities on selected index heavy weights.

At 5pm, the benchmark index closed 3.07 points or 0.17% higher at 1,798.57 points, with a trading range of between 1,794.79 points and 1,802.60 points for the day.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com that the KLCI's performance today, which closed in positive territory for the first time in the past six trading days, was also underpinned by the ringgit's stability, despite falling to its lowest in more than nine months yesterday.

"However, the broader market remains under pressure, like FBM Small Cap, Fledgling, and ACE Market — all were in the negative territory, as selling pressure prolonged. We believe the broader market weakness was because of trade uncertainty between the US and China," he said.

"Tonight, US President Trump is widely expected to announce tariff on US$200 billion worth of goods imported from China. If this materialises, there is a high chance for the KLCI to fall tomorrow. Also, investors might want to take profit tomorrow ahead of the long weekend break," he added.

The ringgit appreciated by 0.07% or 0.0029 to 4.1448 against the greenback at the time of writing.

Reuters reported that Asian shares fell for the sixth straight session on Thursday as oil skidded and safe-haven gold gained, with investor confidence shaken by turmoil in emerging markets and jitters over a potentially severe escalation in the US-China trade war.

Japan's Nikkei declined 0.41% today, along with the Hong Kong Hang Seng Index, which fell 0.99%; the South Korean Kospi registered a 0.18% loss.

In Malaysia, Bursa saw 297 gainers, versus 553 losers, with 404 counters remained unchanged. Total trading volume was 1.98 billion shares, worth RM1.9 billion.

Notable gainers include Supermax Corp Bhd, which was also the sixth largest gainer today, while losers include the like of Carlsberg Brewery Malaysia Bhd and Petron Malaysia Refining & Marketing Bhd.

Nexgram Holdings Bhd was the most actively traded counter today, with 93.97 million shares changing hands.