KLCI edges lower in line with regional markets, Malakoff fails to sizzle


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KUALA LUMPUR (May 15): The FBM KLCI edged lower at the midday break today in line with regional markets, while newly-listed Malakoff Corporation Bhd failed to excite the market as had been anticipated.

At 12.30pm, the FBM KLCI fell 2.55 points to 1,805.00.

The top losers included Genting Bhd, APM Automotive Holdings Bhd, Aeon Credit Services (M) Bhd, UMW Holdings Bhd, Cahya Mata Sarawak Bhd, Petron Malaysia Bhd, Genting Malaysia and Hong Leong Financial Group Bhd.

Malakoff was the most actively traded stock with 201.16 million shares done. It was flat at RM1.80.

The other actives included Perdana Petroleum Bhd, SKP Resources Bhd, Kanger International Bhd, APFT Bhd, Scan Associates Bhd, Sanichi Technology Bhd and Frontken Corporation Bhd.

The gainers included British American Tobacco (M) Bhd, YSP Southeast East Holdings Bhd, Syarikat Takaful Malaysia Bhd, Bursa Malaysia Bhd, Apollo Holdings Bhd, Telekom Malaysia Bhd, Petronas Chemicals Group Bhd, Globetronics Technology Bhd and Signature International Bhd.

Asian shares edged down slightly but were still on track for a solid weekly rise, as investors awaited more US data later in the session for clues on the timing of the US Federal Reserve's interest rate hike, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was slightly lower, but still poised to gain about 0.6% for the week. Japan's Nikkei stock index added 0.5%, set for a 1.5% weekly rise, it said.

BIMB Securities Research said that in Asia, markets were mixed yesterday, tracking the lacklustre cues overnight from Wall Street.

It said weak US retail sales data had also raised concerns about the outlook for the US economy.

The research house said investors also remained wary of rising bond yields.

“However, the FBM KLCI bucked regional trends to close higher, lifted by gains in selected plantation heavyweight counters as well as Petronas Chemicals Group Bhd and Tenaga Nasional Bhd.

“It rose 4.53 points to 1,807.55, after hovering between 1,803.63 and 1,807.9 throughout the day.

“The local stock market remained resilient and expecting to be range bound with immediate support at 1,805 and immediate resistance at 1,810,” it said.