KLCI narrows loss, but remains in the red as Genting, CIMB weigh

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KUALA LUMPUR (June 14): The FBM KLCI narrowed its losses at market close today, but remained in the red in line with its regional peers, dragged by losses at Genting-related stocks and CIMB Group Holdings Bhd.

At 12.30pm, the FBM KLCI was down 1.79 points to 1,761.78. The index had earlier slipped to its intra-day low of 1,745.45.

Losers led gainers by 372 to 361, while 372 counters traded unchanged. Volume was 1.62 billion shares valued at RM3.02 billion.

The top losers included British American Tobacco (M) Bhd, Petronas Gas Bhd, Aeon Credit Service (M) Bhd, Ajinomoto (M) Bhd, Hartalega Holdings Bhd, Genting Malaysia Bhd, CIMB and Genting Bhd.

The actives included Malayan Banking Bhd, Sapura Energy Bhd, My E.G. Services Bhd, YTL Corp Bhd, Sanichi Technology Bhd, TDM Bhd and Barakah Offshore Petroleum Bhd.

The gainers included Nestle (M) Bhd, Petronas Dagangan Bhd, Supermax Corp Bhd, Focus Lumber Bhd, Bursa Malaysia Bhd and Apollo Food Holdings Bhd.

Asian shares eased on Thursday after the Federal Reserve raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening, while concerns about US-China trade frictions kept investors on edge, according to Reuters.

Chinese retail sales and urban investment data were surprisingly weak, pouring cold water on investors' risk appetite and adding to uncertainty over the world's second-largest economy after its central bank unexpectedly left interest rates on hold, it said.

Affin Hwang Capital Research said the FBM KLCI Index closed flat yesterday and volatility was low with market trading within a range of 9.12 points only.

"The local market may be softer today in tandem with global markets," it said.