Thursday 28 Mar 2024
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KUALA LUMPUR (July 3): The FBM KLCI fell at mid-morning today, dragged by key index-linked stocks included Tenaga Nasional Bhd and CIMB Group Holdings Bhd.

At 10am, the FBM KLCI lost 5.88 points to 1,685.12.

Losers led gainers by 291 to 194, while 307 counters traded unchanged. Volume was 1.10 billion shares valued at RM265.68 million.

The losers included British American Tobacco (M) Bhd, Hong Leong Bank Bhd, Aeon Credit Service (M) Bhd, Carlsberg Brewery Malaysia Bhd, Tenaga, CIMB, LPI Capital Bhd and Rapid Synergy Bhd.

The actives included Sumatec Resources Bhd, KNM Group Bhd, Borneo Oil Bhd, Daya Materials Bhd, Barakah Offshore Petroleum Bhd and Hubline Bhd.

The gainers included KESM Industries Bhd, Batu Kawan Bhd, Pos Malaysia Bhd, Sarawak Oil Palms Bhd, Petronas Dagangan Bhd, Country Heights Holdings Bhd, Apex Healthcare Bhd and Boustead Holdings Bhd.

Asian shares were subdued on Wednesday as initial enthusiasm over the latest U.S.-China trade truce was overtaken by fresh concerns over Washington's threat of tariffs on additional European goods, according to Reuters.

Global growth concerns also weighed on investor confidence, with South Korea the latest trade-reliant economy to cut its economic growth and export targets, a day after weaker factory readings worldwide, it said.

Hong Long IB Research said market participants were turning fairly optimistic on the US-China trade truce, but the recent episode on potential escalation of tariffs on European goods are suggesting to the market that Trump’s trade war has no practical end in sight, and the optimism that has emerged in the G20 summit quickly dissipated.

“Hence, we opine that the Wall Street could trend within a range between 26,500-26,952.

“Taking cues from the overnight Wall Street performance, we believe the KLCI may trend higher for the day.

“However, the concerns over the unresolved prolong trade war between the US and its trading partners could continue to put pressure on the upward momentum across the broader market, leading to some profit taking activities eventually. The FBM KLCI’s upside may be limited around 1,700,” it said.

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