KUALA LUMPUR (Nov 26): The FBM KLCI drifted 0.23% lower at mid-morning today, tracking weaker regional markets.
At 10am, the FBM KLCI fell 3.91 points to 1,691.97.
Losers led gainers by 277 to 198, while 229 counters traded unchanged. Volume was 408.6 million shares valued at RM205.11 million.
The top losers included Nestle (M) Bhd, Hong Leong Bank Bhd, Kian Joo Can Factory Bhd, Ornapaper Bhd, Petronas Gas Bhd, Hengyuan Refining Company Bhd, Dufu Technology Corp Bhd, KESM Industries Bhd and Computer Forms (M) Bhd.
The actives included Orion IXL Bhd, Hibiscus Petroleum Bhd, Securemetric Bhd, My EG Services Bhd and Dayang Enterprise Holdings Bhd.
The gainers included AirAsia Group Bhd, United Plantations Bhd, MISC Bhd, Petronas Dagangan Bhd, Muhibbah Engineering (M) Bhd, Lotte Chemical Titan Holding Bhd, Hap Seng Consolidated Bhd and Scicom (MSC) Bhd.
Asian shares were on a slippery slope on Monday as plunging oil prices fanned worries about a dimming outlook for the global economy as investors brace for a crucial meeting between US and Chinese leaders at the end of week, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan was down slightly while Japan's Nikkei posted gains of 0.2% after initial losses, it said.
Hong Leong IB Research in a traders' brief said in the US, volatility will remain over the near term with the unsettled trade issues, as investors will be closely watching the conclusion of the G20 summit this week for further clues on the trade disputes status between the US and China.
"Also, few other major events that investors will be taking note are the OPEC and FOMC (Federal Open Market Committee) meetings. Nevertheless, EU leaders backed Theresa May's Brexit withdrawal agreement over the weekend may lift the trading tone mildly.
"On the local front, we may anticipate some selling pressure, tracking the negative sentiment on Wall Street.
"Moreover, the weakening ringgit and crude oil prices could dampen the trading mood on domestic-driven and oil and gas sectors. However, traders may focus on export-oriented companies over the near term amid weaker ringgit outlook," it said.