Friday 29 Mar 2024
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KUALA LUMPUR (June 24): Putrajaya's offer to take over four toll highways owned by Gamuda Bhd and Lingkaran Trans Kota Holdings Bhd (Litrak) for RM4.5 billion cash failed to excite the market.

At mid-morning today, the benchmark index fell 0.37%, dragged by Tenaga Nasional Bhd and Axiata Group Bhd.

At 10.10am, the FBM KLCI fell 6.18 points to 1,676.05.

Losers led gainers by 295 to 174, while 273 counters traded unchanged. Volume was 469.4 million shares valued at RM279.06 million.

The top losers included United Plantations Bhd, Nestle (M) Bhd, Magni-Tech Industries Bhd, Ajinomoto (M) Bhd, Gamuda Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Dutch Lady Milk Industries Bhd, Tenaga, Scientex Bhd and Axiata.

The actives included Sapura Energy Bhd, Pegasus Heights Bhd, Land & General Bhd, Scomi Energy Services Bhd, Bumi Armada Bhd, Bahvest Resources Bhd, Ekovest Bhd and Gamuda Bhd.

The gainers included Litrak, Petronas Dagangan Bhd, Aeon Credit Service (M) Bhd, Yinson Holdings Bhd, Pharmaniaga Bhd, Apex Healthcare Bhd and British American Tobacco (M) Bhd.

Asian shares were off to a cautious start on Monday as investors pinned their hopes on any signs of a thaw in Sino-US trade negotiations while oil prices firmed on worries over heightened tensions between the United States and Iran, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.16% in early trade while Japan's Nikkei ticked down 0.26%, it said.

Hong Leong IB Research said that in the US, sentiment may turn weaker after hitting the all-time-high region as there could be escalating geopolitical tensions after a US drone was shot down last week and President Donald Trump commented that the US may impose "major" additional sanctions on Iran.

"Moreover, the traders may stay on the sidelines prior to the G20 summit that will be held on June 28-29. Hence, the Dow's upside is likely to be capped around 26,952.

"Following the slight negative performance on the Wall Street overnight after the US Commerce Department barred another five Chinese companies due to posing security risk, we opine local technology stocks may trade lower over the near term.

"In addition, market participants may take the opportunity to reduce exposure ahead of the G20 meeting (Trump will be having the trade discussions with China President Xi Jinping)," it said.

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