KLCI pares gains as losers outpace gainers

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KUALA LUMPUR (May 18): The FBM KLCI pared some of it gains at midday break today and was up 0.23% as decliners outpaced advancers.

At 12.30pm, the FBM KLCI rose 4.30 points to 1,858.74. The index had earlier risen to a high of 1,862.19.

Losers led gainers by 351 to 239, while 566 counters traded unchanged. Volume was 1.46 billion shares, valued at RM1.22 billion.

Top gainers included Nestle (M) Bhd, Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Dutch Lady Milk Industries Bhd, Ajinomoto (M) Bhd, Fraser & Neave Holdings Bhd, VitRox Corp Bhd, Far East Holdings Bhd and Petronas Gas Bhd.

The actives included My E.G. Services Bhd, Sapura Energy Bhd, NetX Holdings Bhd, Hubline Bhd, Eduspec Holdings Bhd, WCT Holdings Bhd, George Kent (M) Bhd and Advance Synergy Bhd.

Losers included Lingkaran Trans Korta Holdings Bhd, Cahya Mata Sarawak Bhd, Gamuda Bhd, Press Metal Aluminium Holdings Bhd, Lotte Chemical Titan Holding Bhd and PM Technology Bhd.

Asian stocks edged up on Friday, as investors kept a cautious watch on developments in U.S.-China trade negotiations, with the dollar perched near a five-month peak, after the benchmark U.S. Treasury yield hit its highest in seven years, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1% higher. The index was headed for a 1% loss this week, Reuters said.

Affin Hwang Capital Research said Asian market were anticipated to open mixed, market sentiments are lingering around the direction treasuries, US dollars, crude oil prices, following a fresh batch of solid economic data, which favour rate hikes in the near future.

“In the local market, the FBM KLCI Index lost 3.82 points or 0.21% on Thursday, alongside soft regional market.

“Market sentiment was slightly negative, with 438 gainers against 570 losers. Investors are anticipated to focus more on oil & gas stocks, as oil prices continue surging higher in the global market, with WTI topping US$80 a barrel highest since 2014.

“Uptrend remains intact in the medium-term nonetheless, for the short term the FBM KLCI Index seems trapped in a range trading of between 1876-1795,” the research house said.