KLCI dips ahead of 1MDB bond interest payment

KLCI dips ahead of 1MDB bond interest payment

-A +A

KUALA LUMPUR (May 11): The FBM KLCI dipped at mid-morning today ahead of a deadline for a bond interest payment by a troubled state investment company, 1Malaysia Development Bhd, despite the uptick at most regional markets.

At 10am, the FBMKLCI dipped 2.13points to 1,633.71.

The top losers at mid-morning included Nestle (M) Bhd, Petronas Gas Bhd, Petronas Dagangan Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, C.I. Holdings Bhd, Boustead Holdings Bhd, Lafarge Malaysia Bhd and Syarikat Takaful Malaysia Bhd.

The actives included Spring Gallery Bhd, AirAsia Bhd, Vivocom International Bhd, AWC Holdings Bhd, Compugates Holdings Bhd and Malaysian Bulk Carriers Bhd.

The top gainers included P.I.E Industrial Bhd, British American Tobacco (M) Bhd, Malaysia Smelting Corp Bhd, Tan Chong Motor Holdings Bhd, Genting Plantations Bhd, Amway (M) Holdings Bhd, UMW Holdings Bhd and AirAsia.

Asian stocks pulled away from eight-week lows on Wednesday, a day after solid corporate earnings sparked a rally in global equities while the yen struggled amid intervention warnings from Tokyo in the wake of the currency's rapid rise, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.4 percent in early trade, recovering from an eight-week low touched on Tuesday while Japan's Nikkei rose 1.0 percent, it said.

Hong Leong IB Research said given the rebound in overnight US stocks & crude oil prices and grossly oversold chart territory, it  expects a strong technical rebound today.

“The three “Hammer” andlesticks at the bottom on hourly, daily and weekly charts provide ammunition to the bounce back from oversold territory. 

“Having said that, traders still stay cautious over global economic health, further ringgit depreciation against US Dollar as well as ahead of a deadline for a bond interest payment by a troubled state investment company, 1Malaysia Development Bhd,” it said.