Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Nov 13): The FBM KLCI fell 0.34% at mid-morning today after US President Donald Trump threatened more tariffs on China if a trade deal does not materialise, casting doubts over the ongoing trade negotiations.

At 10am, the FBM KLCI fell 5.52 points to 1,604.21.

Losers led gainers by 302 to 188, while 296 counters traded unchanged. Volume was 606.13 million shares valued at RM229.44 million.

The top losers included Carlsberg Brewery Malaysia Bhd, Hong Leong Financial Group Bhd, Public Bank Bhd, Axiata Group Bhd, PPB Group Bhd and Hong Leong Industries Bhd.

The actives included Trive Property Group Bhd, NetX Holdings Bhd, Prestariang Bhd, Tanco Bhd, MTAG Group Bhd, Sapura Energy Bhd and London Biscuits Bhd.

The gainers included Cycle & Carriage Bintang Bhd, United Plantations Bhd, Batu Kawan Bhd and Bursa Malaysia-listed Hang Seng Index-linked put warrants.

Reuters reported that Asian stocks and Wall Street futures fell on Wednesday on growing worries US-China trade talks are stalling after Trump failed to deliver any new information about when the two countries would sign a trade deal.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2%. Australian shares were down 0.17%, while Japan's Nikkei stock index slid 0.38%, it said.

Hong Leong IB Research said in the US, stock markets have been lifted by positive corporate reporting season where more than 70% of the companies have topped analysts' expectations, coupled with optimism over the trade front as US and China will be meeting to sign the phase one mini deal over the near term. However, with the overbought status on the Dow, upside could be limited around 28,000 level.

On the domestic outlook, the research house said without any fresh leads in the markets, coupled with neutral to weaker expectations on the upcoming financial reporting season as well as the overbought situation on the FBM KLCI, profit-taking activities may return.

"Nevertheless, traders may take some opportunities within the O&G stocks amid improved sentiment on energy segment recently following few contracts being awarded by Petronas Carigali [Sdn Bhd] since September.

"Meanwhile, the KLCI is likely to range bound between 1,580-1,620," it said.

      Print
      Text Size
      Share