Friday 29 Mar 2024
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KUALA LUMPUR (Jan 18): The FBM KLCI remained in the negative territory at the midday break today, as regional markets continued their downtrend on the back of weakening crude oil prices.

At 12.30pm, the FBM KLCI was down 0.58% or 9.43 points to 1,619.12.

The broader market sentiment was negative, as losers thumped gainers by 819 to 105, while 203 counters traded unchanged. Volume was 1.33 billion shares, valued at RM855.54 million.

The top losers included Petronas Gas Bhd, Panasonic Malaysia Manufacturing Bhd, Shell Refining Company (Federation of Malaya) Bhd, Petron Malaysia Refining & Marketing Bhd, Latitude Tree Holdings Bhd, Allianz (M) Bhd, Can-One Bhd, KESM Industries Bhd and Hong Leong Financial Group Bhd.

The actives included Sterling Progress Bhd, Tiger Synergy Bhd, Nexgram Holdings Bhd, Instacom Group Bhd, China Automobiles Parts Holdings Bhd, Idimension Consolidated Bhd and Genetec Technology Bhd.

The top gainers included Genting Plantations Bhd, Globetronics Technology Bhd, Evergreen Fibreboard Bhd, CAB Cakaran Corporation Bhd, Emas Kiara Industries Bhd, PPB Group Bhd and Petronas Chemicals Group Bhd.

Asian shares slid to their lowest levels since late 2011 on Monday, after weak U.S. economic data and massive falls in oil prices stoked further worries about a global economic downturn, according to Reuters.

Oil prices fell as much as 4% on Monday, with international benchmark Brent futures falling below US$28 per barrel, touching their lowest level since 2003, it said.

AffinHwang Capital Research said bearish sentiments in major markets, i.e China and U.S, are expected to drag our local market lower.

It said the weak ringgit, sliding oil price and continuous strength of the US dollar, pose negative catalysts for the local market.

“The FBM KLCI continues to consolidate, mainly due to external factors.

“External factors may pull the FBM KLCI to remain in the oversold territory; Immediate support range at 1620-1595 expected to be tested. Nonetheless, buying opportunity prevails, as stocks retrace to the major long term support line at 1500 Accumulate,” it said.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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