KLCI pares loss, attempts to claw back in line with region

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KUALA LUMPUR (Sept 28): The FBM KLCI pared some of its losses at mid-morning today, attempting to claw back in tandem with regional markets.

At 10.05am, the FBM KLCI was down 1.49 points to 1,797.15. The index had earlier slipped to a low of 1,793.04.

Gainers led losers by 256 to 217, while 275 counters traded unchanged. Volume was 422.60 million shares valued at RM260.66 million.

The top losers included Lingkaran Trans Kota Holdings Bhd, Sarawak Plantations Bhd, Aeon Credit Service (M) Bhd, Perusahaan Sadur Timah Malaysia Bhd, Kawan Food Bhd, Latitude Tree Holdings Bhd, Teo Guan Lee Corp Bhd and Sunsuria Bhd.

The actives included Globaltec Formation Bhd, Sapura Energy Bhd, Velesto Energy Bhd, Hiap Teck Venture Bhd, Borneo Oil Bhd and FoundPac Group Bhd.

The gainers included Nestle (M) Bhd, APM Automotive Holdings Bhd, Allianz Malaysia Bhd, Malayan Banking Bhd, QL resources Bhd, ViTrox Corp Bhd, Malaysian Pacific Industries Bhd, Hong Leong Bank Bhd and British American Tobacco (M) Bhd.

Shares in Asia inched higher on Friday, following gains on Wall Street overnight after news of robust U.S. economic growth, with the chairman of the Federal Reserve saying the United States does not face a large chance of near-term recession, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.02 percent in early trade in Asia. Australian shares were 0.5 percent higher, while Seoul's Kospi was down 0.5 percent after hitting three-month highs on Thursday, it said.

Hong Leong IB Research in a traders’ brief said in the US, the upward rally remains strong supported by healthy corporate earnings boosted by lower corporate tax and decent economic growth.

“However, should there be any extended trade war between the US and its trading partners; it may crimp the corporate earnings moving forward.

“Although market sentiment remains weak at this moment on the back of the uncertain trade progress, we think the 3Q18 window dressing should be able to cushion the downside risk over the near term.