Friday 29 Mar 2024
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KUALA LUMPUR (Nov 11): The FBM KLCI fell 22.82 points or 1.4% amid uncertainties on China's economy, and as investors sold Malaysian banking and plantation shares.

At 12:30pm, the KLCI settled at 1,663.29 points. The decline in stocks like Hong Leong Bank Bhd and Public Bank Bhd, besides plantation entities like Kuala Lumpur Kepong Bhd and Sime Darby Bhd, sent the benchmark into red territory.

"The key index will continue to lock in tight range bound consolidation within 1,662 and 1,700 band in the near term, on the back of uncertainties about ongoing November reporting season, renewed selldown in ringgit, weakness in crude prices, coupled with signs of further slowdown in China economy," said Hong Leong Investment Bank analyst Nick Foo Mun Pang in a note today.

Reuters reported Asian share markets were narrowly mixed on Wednesday, as investors anxiously awaited another batch of Chinese data, while strength in the US dollar kept the screws on global commodity prices.

Markets will be vulnerable to any whiff of disappointment in Chinese figures on retail sales, industrial production and urban investment, particularly given recent downward surprises on inflation and trade.

In Malaysia, investors sold plantation shares ahead of the crucial October oil palm sector numbers today. The Malaysian Palm Oil Board today said that the October palm oil inventory rose 7.29% to 2.83 milion tonnes, from the preceding month.

Across Bursa Malaysia, decliners outnumbered gainers at 677 to 203, while 253 counters traded unchanged. Trading volume stood at 1.41 billion shares, valued at RM1.093 billion.

Top gainer was Panasonic Manufacturing Malaysia Bhd, while British American Tobacco (M) Bhd led decliners.

Hibiscus Petroleum Bhd was the most-active stock.

Among gainers, Malaysia Smelting Corp Bhd surged 17 sen or 7% to RM2.52, after announcing higher third quarter net profit from a year earlier.

Tin miner Malaysia Smelting said net profit jumped to RM20.42 million in the three months ended Sept 30, 2015 (3QFY15), from RM4.72 million. For 9MFY15, it posted a net profit of RM2.63 million, compared with a net loss of RM9.35 million a year earlier.

Berjaya Food Bhd rose four sen or 1.6% to RM2.60, after Maybank Investment Bank initiated coverage on the stock.

Maybank Investment said in a note today that it initiated coverage on Berjaya Food, with a "buy" call and target price of RM3.10.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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