KLCI dips 0.24% in line with regional markets

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KUALA LUMPUR (July 23): The FBM KLCI dipped 0.24% at mid-morning today, tracking regional losses, weighed by select index-linked blue chips.

At 10am, the FBM KLCI fell 4.16 points to 1,750.62.

Losers led gainers by 291 to 226, while 316 counters traded unchanged. Volume was 770.82 million shares valued at RM379.79 million. 

The top losers included Petronas Gas Bhd, Kuala Lumpur Kepong Bhd, KESM Industries Bhd, UMW Holdings Bhd, PMB Technology Bhd, Carlsberg Brewery Malaysia Bhd, Kawan Food Bhd and Malaysia Airports Holdings Bhd.

The actives included Priceworth International Bhd, My E.G. Services Bhd, Orion IXL Bhd, Nova MSC Bhd, AirAsia X Bhd and Evergreen Fibreboard Bhd.

The gainers included Heineken Malaysia Bhd, Brirish American Tobacco (M) Bhd, United Plantations Bhd, Nestle (M) Bhd, ViTrox Corp Bhd, Country Heights Holdings Bhd, Latitude Tree Holdings Bhd, Lii Hen Industries Bhd and Gamuda Bhd.

The dollar declined on Monday against major currencies to its lowest in more than two weeks after U.S. President Donald Trump criticised the Federal Reserve's tightening policy, while stocks slipped on fears of further trade protectionist measures, according to Reuters.

Trump, on Friday, lamented the recent strength of the U.S. dollar and accused the European Union and China of manipulating their currencies, it said.

Hong Leong IB Research in a traders’ brief said the Dow is hovering above the SMA200.

“However, the Stochastic oscillator is suggesting that the Dow is overbought and we may anticipate that the key index may trend sideways between the 24,500-25,500 levels this week.

“We believe the positive sentiment may take a back seat for the moment amid the escalating trade fears.

“Also, with the consensus expecting a softer August reporting season, traders may take a cautious view over the near term. Hence, we expect FBM KLCI to trend sideways between 1,740 and 1,770,” it said.