KLCI dips 0.28%, tracks lacklustre regional markets

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KUALA LUMPUR (Nov 12): The FBM KLCI dipped 0.28% at mid-morning today, tracking the lacklustre regional markets.

At 10am, the FBM KLCI lost 4.76 points to 1,703.33.

Losers led gainers by 216 to 162, while 236 counters traded unchanged. Volume was 417.42 million shares valued at RM201.89 million.

The losers included British American Tobacco (M) Bhd, Carlsberg Brewery Malaysia Bhd, Petronas Gas Bhd, Heineken Malaysia Bhd, LPI Capital Bhd, Tenaga Nasional Bhd, Padini Holdings Bhd, QL Resources Bhd, KESM Industries Bhd and Aeon Credit Service (M) Bhd.

The actives included Sapura Energy Bhd, Tatt Giap Resources Bhd, Panpages Bhd, Key Alliance Group Bhd and Tiger Synergy Bhd.

The gainers included Malaysian Pacific Industries Bhd, United Plantations Bhd, Dufu Techbnology Bhd, Nestle (M) Bhd, MISC Bhd, Fraser & Neave Holdings Bhd, Cahya Mata Sarawak Bhd and SAM Engineering & Equipment Bhd.

Asian stocks kicked off the week with declines following a weak U.S. session on Friday. The pound slipped as U.K. Prime Minister Theresa May fought to keep her Brexit divorce plan alive, according to Bloomberg.

Shares fell in Japan, Australia and South Korea. Futures trading from late Friday pointed to declines in Hong Kong. That’s after large-cap tech stocks dragged the Nasdaq 100 Index to a loss of more than 1.5 percent. Oil prices snapped a 10-day sell-off after the bear market for crude spurred OPEC and its allies to start laying the groundwork to cut supply in 2019. Yields on 10-year Treasuries, which don’t trade Monday thanks to a U.S. holiday, ended just below 3.2 percent on Friday, it said.

Hong Leong IB Research in a traders’ brief said on Wall Street, sentiment is likely to stay weak on the back of declining in oil prices, coupled with the rising uncertainties between Trump and Chinese President Xi Jinping in the upcoming G20 summit.

“Should there be any negative surprises from the discussion, we may anticipate heightened volatility moving forward. Hence, the Dow’s upside will be capped around 26,552-27,000,” it said.

On the FBM KLCI, it said that externally, investors will continue to focus on the upcoming G20 summit, where President Trump and Chinese President Xi Jinping have scheduled a meeting for trade discussions.

“Meanwhile, traders will also monitor the ongoing reporting season to assess the business environment outlook in order to decide on further actions on the stock market,” it said.