Friday 29 Mar 2024
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KUALA LUMPUR (Nov 16): The FBM KLCI remained in negative territory at the midday break today, as a confluence of events kept investor sentiment wary.

The news flow that kept investor sentiment tepid at the local bourse included the deadly terrorist attacks in Paris last Friday (Nov 13), Japa relapsing into recession, as well Malaysia’s slowest third quarter economic growth that was the slowest in more than 2 years.

At 12.30pm, the FBM KLCI was down 1.41 points at 1,657.50. The index had earlier dipped to its intra morning low of 1,644.29.

Market breadth was negative, with losers beating gainers by 533 to 263, while 288 counters traded unchanged. Volume was 1.01 billion shares, valued at RM786.78 million.

The top losers included Danainfra Nasional Bhd, United Plantations Bhd, British American Tobacco (M) Bhd, Time Dotcom Bhd, Panasonic Malaysia Manufacturing Bhd, LPI Capital Bhd, Malaysian Pacific Industries Bhd, Dutch Lady Milk Industries Bhd and IJM Plantations Bhd.

The actives included Ecofirsty Consolidated Bhd, Hibiscus Petroleum Bhd, RGB International Bhd, Instacom Group Bhd, Globaltec Technology Bhd, Aemulus Holdings Bhd, JAG Bhd, XOX Bhd and The Media Shoppe Bhd.

The top gainers included Warisan TC Holdings Bhd, Tien Wah Press Holdings Bhd, Tasek Corporation Bhd, Kobay Bhd. Kian Joon Can Factory Bhd, Far East Corporation Bhd and Lafarge Malaysia Bhd.

Asian stocks fell to six-week lows on Monday, and emerging market currencies wilted as investors sought the safety of the greenback in the wake of Friday's deadly attacks in Paris and downbeat economic data, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell more than 1% in early trade, after a 3% loss last week, it said.

BIMB Securities Research said that in Asia, most key indices ended lower, as investors remain cautious about the health of China's economy, whilst its stock market slammed global asset prices.

“In line with other regional market, the FBM KLCI fell 4.29 points or 0.26% to 1,658.91 points.

“Trading participation shows net selling by foreign institutions, while local institutions and retail were net buyers.

“We expect the local market to trend sideways, due to lack of fresh catalysts, with the index hovering around 1,655-1,660,” it said.

(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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