KLCI loses 0.67% as plantation stocks lead laggards amid pressured regional markets

KLCI loses 0.67% as plantation stocks lead laggards amid pressured regional markets
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KUALA LUMPUR (April 8): The FBM KLCI lost 0.67% at mid-morning as regional markets remained pressured following the overnight sell-off at Wall Street, with losses at index-linked plantation stocks leading the laggards.

At 10.02am, the FBM KLCI fell 9.19 points to 1,360.73.

Losers led gainers by 480 to 162, while 249 counters traded unchanged. Trading volume was 1.29 billion shares valued at RM517.92 million.

The top losers included Kuala Lumpur Kepong Bhd, Dutch Lady Milk Industries Bhd, Sime Darby Plantation Bhd, Tenaga Nasional Bhd, Scientex Bhd, Apex Healthcare Bhd, British American Tobacco (M) Bhd, Hap Seng Consolidated Bhd and Sarawak Oil Palms Bhd.

The actives included Hibiscus Petroleum Bhd, Bumi Armada Bhd, Lambo Group Bhd, Jaks Resources Bhd, Sapura Energy Bhd, LKL International Bhd and Hubline Bhd.

The gainers included Press Metal Aluminium Holdings Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Batu Kawan Bhd and Hartalega Holdings Bhd.

Reuters said Asian stock futures were under pressure on Wednesday after a late, sharp sell-off on Wall Street and as oil prices slumped under pressure from swelling global supplies.

Hong Kong futures were down following two days of gains. Australian shares were expected to open lower as warnings of an economic slump and a spike in unemployment due to the coronavirus pandemic dampened sentiment, it said.

Hong Leong IB Research said with the Dow gapping upwards and trading softer throughout the session amid the emergence of profit-taking activities, especially after a 29.7% rebound from the recent bottom on the Dow, it expects similar trading tone on the local exchange.

“Despite several stimulus package to cushion the impact of Covid-19 from our government, traders are advised to deploy the sell into rally strategy for the near term as we believe the FBM KLCI is facing a stiff resistance along 1,370-1,400,” it said.