KUALA LUMPUR (July 6): The FBM KLCI fell 0.37% art mid-morning today, dragged by index-linked banking stocks against the backdrop of mixed regional markets.
At 10.01am, the FBM KLCI fell 6.13 points to 1,684.52.
Gainers led losers by 217 tp 209, while 266 counters traded unchanged. Volume was 458.46 million shares valued at RM204.72 million.
The losers included Pulibc Bank Bhd, PPB Group Bhd, Hong Leong Bank Bhd, Nestle (M) Bhd, Hartaleg Holdings Bhd, Prestariang Bhd, Axiata Group Bhd and CIMB Group Holdings Bhd.
The actives included Barakah Offshore Bdh, TDM Bhd, Icon Offshore Bhd, Sapura Energy Bhd and Nova MSC Bhd.
The gainers included United Plantations Bhd, British American Tobacco (M) Bhd, PLB Engineering Bhd, Heineken Malaysia Bhd. Malayan Banking Bhd, Caely Holdings Bhd and Aeon Credit Service (M) Bhd.
Asian stocks traded mixed Friday as U.S.-China trade tensions are about to kick up a gear with the imminent imposition of tariff increases. The dollar edged higher and Treasuries slipped, according to Bloomberg.
Stocks in Japan rose while those in South Korea and Hong Kong posted modest gains. Chinese shares fluctuated in early trading. Shares in Singapore sank after the government unexpectedly tightened curbs on the property market. Earlier, U.S. equity benchmarks gained as minutes from the June Federal Reserve meeting showed confidence in the economic outlook, despite risks from trade disputes. Oil drifted and the yen ticked lower, it said.
Hong Leong IB Research in a traders’ brief said in view of the fading tension of the trade spat between US-China, more upside could be noticed on Wall Street, forming a rebound, especially on the tech-heavy Nasdaq index.
“Nevertheless, should any negative news on trade tension resurfaces, it may dampen the global sentiment.
“We opine that the downside on our local market is limited and could be due for a good rebound as foreign selling activities have dwindled over the past few trading days.
“Also, with the softer tone from Trump’s administration on the trade spats, we believe most of the negative factors have already been priced in, at least for the near term,” it said.