KLCI closes just a tad higher as cautious mood prevails

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KUALA LUMPUR (May 18): The FBM KLCI ended the day 0.06 points higher as investors continued to remain cautious on the changes that took place over the week.

Foreign selling was also observed to have tapered off.

At 5pm, the KLCI closed at 1,854.50 points with more losers than gainers. Volume stood at 2.92 billion shares worth RM3.16 billion.

The KLCI closed lower after rising to its intraday high of 1,862.19 points. The most active counters included My E.G. Services Bhd and Sapura Energy Bhd.

Rakuten Trade Sdn Bhd Head of Research Kenny Yee, told theedgemarkets.com, “There are more losers than gainers, investors are still jittery. People are waiting for announcements, especially relating to construction projects and therefore we may see uncertainty on those stocks for a while.”

Highway concessionaire stocks such as Lingkaran Trans Kota Holdings Bhd (Litrak) fell 26% after Tan Sri Dr Zeti Akhtar Aziz, a member of the Council of Eminent Persons, said the government is likely to make an announcement on toll charges as early as next week.

One of the Pakatan Harapan government’s election promises was the removal of toll charges.

Reuters also reported that market players also remain nervous about US-China trade tensions after US President Donald Trump said the world’s second largest economy had “become very spoiled on trade”.