KLCI dips 0.4% in line with subdued regional markets

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KUALA LUMPUR (May 9): The FBM KLCI dipped 0.4% at mid-morning today in line with the subdued regional markets, weighed by select blue chips including Petronas-linked counters.

At 10am, the FBM KLCI fell 6.63 points to 1,642.73.

The top losers included MISC Bhd, Panasonic Malaysia Manufacturing Bhd, Allianz Malaysia Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd, Petronas Chemicals Group Bhd, Kuala Lumpur Kepong Bhd, Hong Leong Financial Group Bhd, Sime Darby Bhd and Heineken Malaysia Bhd.

The actively traded stocks included Vivocom International Holdings Bhd, AirAsia X Bhd, Wintoni Group Bhd, Palette Multimedia Bhd, Sumatec Resources Bhd, AirAsia Bhd and Iris Corporation Bhd.

The gainers included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, Pestech International Bhd. Hong Leong Industries Bhd and PPB Group Bhd.

Asian stocks were subdued early on Monday after a disappointing U.S. jobs report raised questions about the underlying strength of the world's biggest economy, while crude oil prices soared on supply woes stemming from wildfires in Canada, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.15 percent. Australian stocks and South Korea's Kospi shed 0.2 percent each, it said.

Hong Leong IB Research said a landslide victory in 11th Sarawak state election by Malaysia’s ruling coalition led by our Prime Minister Najib Razak is expected to cheer the local benchmark index in the coming week to digest the recent selling pressure arising from 1MDB saga, possible US interest rate hike in June, and fears over renewed global economic growth.

“Technically speaking, the ‘Positive Divergence” pattern and bottoming-up oscillators on hourly and daily chart may ignite higher likelihood of rebound,” it said.