KUALA LUMPUR (Sept 13): The FBM KLCI dipped 0.39% at mid-morning, dragged by losses at select index-linked blue chips.
At 10am, the FBM KLCI fell 7.06 points to 1,778.19.
Losers led gainers by 280 to 247, while 266 counters traded unchanged. Volume was 659.84 million shares valued at RM395.81 million.
The top losers included Panasonic Manfacturing Malaysia Bhd, Public Bank Bhd, British American Tobacco (M) Bhd, Hong Leong Financial Group Bhd, KESM Industries Bhd, Hong Leong Industries Bhd and Top Glove Corp Bhd.
The actives included Sapura Energy Bhd, Borneo Oil Bhd, MY EG Services Bhd, Nexgram Holdings Bhd and Reach Energy Bhd.
The gainers included United Plantations Bhd, Nestle (M) Bhd, Aeon Credit Service (M) Bhd, Hong Leong Bank Bhd, DKSH (M) Bhd, Magni-Tech Industries Bhd, Unisem (M) Bhd, Petronas Dagangan Bhd and BIMB Holdings Bhd.
Asian shares won a reprieve on Thursday as news the Trump administration has reached out to China for a new round of trade talks raised hopes a deal could be struck in the bitter tariff dispute between the world's two biggest economies, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan inched 0.2 percent higher in early trade, a day after it hit 14-month lows, while Japan's Nikkei gained 0.8 percent, it said.
Hong Leong IB Research in a traders’ brief said despite positive optimism from a new round of US-China talks, the trading sentiment could remain edgy ahead of the upcoming FOMC meeting on 26 Sep and the ongoing trade discussions and worries between the US and its trading partners.
“Hence, Dow is likely to trade rangebound within 25700-26300 over the near term.
“After facing with huge selling pressure of RM1.03 billion in the last 5 sessions, KLCI is prepared for some respite supported by the optimism in the resumption of US-China trade talk.
“However, any rebound will be capped along 1796-1810 in this holiday-shortened week (Bursa will be closed on 17 Sep on Malaysia Day holiday), as investors will continue to adopt a ‘risk-off’ mode amid nagging fears of the contagion and spill over impacts from emerging markets (EMs), potential slowdown in Malaysia’s 2H18 economy coupled with global trade tensions. Key supports are 1762-1770 levels,” it said.