Friday 29 Mar 2024
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KUALA LUMPUR (Nov 11): The FBM KLCI dipped at the midday break on Tuesday, weighed by losses including at Genting-related stocks against a mostly mixed regional market backdrop.

At 12.30pm, the FBM KLCI shed 2.62 points to 1,825.31.

The top losers in the morning session included British American Tobacco (M) Bhd, Danainfra Nasional Bhd, UMW Holdings Bhd, Carlsberg Brewery (M) Bhd, United Plantations Bhd, Uzma Bhd, Genting Plantations Bhd, Malaysia Airports Holdings Bhd, Pos Malaysia Bhd, Kossan Rubber Industries Bhd and Genting Bhd.

Xinghe Holdings Bhd was the most actively traded counter with 52.95 million shares done. The stock fell 13.64% or 11 sen to 9.5 sen.

The other actives include Nova MSC Bhd, Technodex Bhd, Asia Bioenergy Technologies Bhd, EA Holdings Bhd, IFCA MSC Bhd and Nexgram Holdings Bhd.

The gainers included Nestle (Malaysia) Bhd, Guiness Anchor Bhd, Kuala Lumpur Kepong Bhd, Amway (Malaysia) Holdings Bhd, DKSH Holdings (Malaysia) Bhd, Berjaya Auto Bhd, YNH Property Bhd and Fiamma Holdings Bhd.

Regionally, Japanese and Chinese stock markets stood out against a mostly lacklustre backdrop in Asia on Tuesday, with a deal to give global investors easier access to China's $3.9 trillion stock market partially offsetting worries about declining oil prices, according to Reuters.

Chinese shares continued to outperform and were at three-year highs. They added 1.3 percent on top of the previous session's 2.5 percent surge after officials announced on Monday that Nov. 17 would mark the beginning of a tie-up that will allow global investors to buy Chinese stocks from Hong Kong, it said.

Rosnani Rasul,M & A Securities research head, said overnight Wall Street smashed to record high again on low volume as weakening crude oil price lifted sentiment for transportation stocks.

The S&P 500 and DJIA added 6.34 (0.31%) and 39.81 (0.23%) points to end at 2,038. 26 and 17,613.74 respectively.

Rosnani said WTI and Brent prices  fell mildly to end at USD78 and USD82 per barrel respectively, pushing higher buying interest on transportation stocks.

She said that with Saudi Arabia not budging from selling at a discount in the US and Asia, coupled
with the anticipation of slower China economic momentum, a lack of catalyst may weigh on crude oil price.

“Nonetheless, the seasonally stronger crude oil price can be expected for the winter season in  North America (mid-November-February) when demand usually heightened for heating purposes,” she said.

“In any case, the overnight performance in Wall Street may have a mild impact on Bursa Malaysia today as we expect rising palm oil stocks for the month of October to affect sentiment today.

“Last month saw Malaysia’s palm oil production increased despite the historical trend of weak output in 4Q.

“Added with increased import and lower export, palm oil stock ended October at 2.1 million tonnes (September stocks: 2.0 million) which may dent sentiment on plantation stocks, in our view. Hence, the local market may give up some points today as a result,” she said.

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