KLCI falls 1.08% as telcos, banks drag

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KUALA LUMPUR (June 21): The FBM KLCI fell 1.08% at the midday break today, dragged by losses at index-linked telecommunications and banking stocks.

At 12.30pm, the FBM KLCI lost 18.47 points to 1,691.28.

Losers led gainers by 495 to 127, while 514 counters traded unchanged. Volume was 1.24 billion shares valued at RM1.07 billion.

The top losers included British American Tobacco (M) Bhd, Hong Leong Bank Bhd, Hong Leong Financial Group Bhd, Telekom Malaysia Bhd, Public Bank Bhd, Tenaga Nasional Bhd, AMMB Holdings Bhd, Maxis Bhd, Axiata Group Bhd and DiGi.Com Bhd.

The actives included My E.G. Services Bhd, Telekom Malaysia, GSB Group Bhd, Sapura Energy Bhd, Hubline Bhd, YTL Corp Bhd and Iris Corp Bhd.

The gainers included Kuala Lumpur Kepong Bhd, PPB Group Bhd, Panasonic Manufacturing Malaysia Bhd, ViTrox Corp Bhd, Genting Plantations Bhd, Rapid Synergy Bhd and Genting Bhd.

Asian shares crept ahead on Thursday as a lull in the Sino-US trade tussle and talk of more Chinese stimulus helped calm nerves, while tensions in the oil market grew ahead of an OPEC meeting that could expand the supply of crude, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4%, while Japan's Nikkei added 0.7%, it said.

Affin Hwang Capital Research said the FBM KLCI Index fell 5.61 points last session although market breadth was positive with 439 gainers compared to 356 losers.

"Investors will be keen to see if prices will break through the 1,700 psychological level which will determine the direction of the market," it said.