Friday 29 Mar 2024
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KUALA LUMPUR (Aug 7): The FBM KLCI shed 0.31% at mid-morning today, dragged by Genting- and other index-linked blue chips, against the backdrop of steady regional markets.

At 10am, the FBM KLCI fell 4.95 points to 1,606.84.

Losers led gainers by 288 to 183, while 277 counters traded unchanged. Volume was 645.83 million shares valued at RM667.46 million.

The losers included Genting Malaysia Bhd (GenM), Public Bank Bhd, Genting Bhd, Hartalega Holdings Bhd and Hap Seng Consolidated Bhd.

The actives included GenM, KNM Group Bhd, NetX Holdings Bhd, Eduspec Holdings Bhd and Bumi Armada Bhd.

The gainers included Nestle (M) Bhd, Hong Leong Industries Bhd, Kuala Lumpur Kepong Bhd, Fraser & Neave Holdings Bhd, British American Tobacco (M) Bhd, Carlsberg Brewery Malaysia Bhd, Westports Holdings Bhd and Petronas Dagangan Bhd.

Asian shares steadied slightly on Wednesday as investors caught their breath from a searing week-long selloff, with steps taken by Chinese authorities to contain a sliding yuan helping calm fears of a full-blown Sino-US trade and currency war, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.05% in early trade after tumbling 8.26% in the previous eight sessions. Japan's Nikkei bucked the trend to slip 0.26%, it said.

Hong Leong IB Research said that in the US, it will be news-headline driven markets amid current unresolved trade tensions as any move from either the US and China will affect the market directions sharply in the near term.

"Meanwhile, National Economic Council Director Larry Kudlow commented that Trump was still open to a trade deal between US and China, and would lead to flexibility on tariffs. The trade talks are set to resume in September as Chinese officials will be heading to Washington for the discussions.

"On the local front, after extreme selloffs below the 1,600 [level] and intraday recovery on FBM KLCI, we believe the market tone will stabilise in the positive territory for the session, tracking the overnight performances on Wall Street.

"In addition, traders may focus on export-driven sectors such as gloves and furniture counters as well as gold-related stocks amid rising gold prices, but O&G may experience some profit-taking activities after Brent oil prices declined below US$60," it said.

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