Friday 29 Mar 2024
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KUALA LUMPUR (Nov 20): The FBM KLCI pared some of its loss at mid-morning today and hovered just above the 1,600-point level.

At 10am, the FBM KLCI was down 4.4 points to 1,600.91. The index had earlier slipped to a low of 1,599.74.

Losers led gainers by 254 to 217, while 286 counters traded unchanged. Volume was 611.11 million shares valued at RM284.24 million.

The decliners included Nestle (M) Bhd, Batu Kawan Bhd, Tenaga Nasional Bhd, Petronas Chemicals Group Bhd, DKSH Holdings (M) Bhd, Hong Leong Bank Bhd and Public Bank Bhd.

The actives included Alam Maritim Resources Bhd, Bumi Armada Bhd, Sapura Energy Bhd, MTAG Group Bhd and FoundPac Group Bhd.

The gainers included Kuala Lumpur Kepong Bhd, YSP Southeast Asia Holding Bhd, LTKM Bhd, Guan Chong Bhd, Dufu Technology Corp Bhd, Dayang Enterprise Holdings Bhd, Aeon Credit Service (M) Bhd and MISC Bhd.

Asian shares lumbered lower on Wednesday as the Sino-US trade talks produced nothing but a stream of conflicting messages, while concerns about a glut of supply saw oil prices suffer their biggest spill in seven weeks, according to Reuters.

Figures from the American Petroleum Institute out late Tuesday showed a far larger rise in crude stocks than expected. That followed reports Russia was unlikely to deepen its cuts to crude output, it said.

Hong Leong IB Research said in the US, the upside could be capped over the near term following US President Donald Trump's reiteration the scheduled 15% tariffs, which may increase further, on around US$156 billion worth of Chinese imports will be imposed if the phase one mini deal is not reached.

"In addition, the current overbought situation on the Dow suggested that the stiff resistance is envisaged around 28,000-28,300 levels and the key index may take a breather after the recent rally.

"On our local front, we expect sentiment to remain cautious amid the ongoing November reporting season as well as the concerns over whether the phase one mini deal will be signed off ahead of the scheduled trade war tariff on the Dec 15.

"Should further tariffs being imposed on Chinese goods, we expect another round of pullback on the key index on our local front.

"Hence, the KLCI's upside may be limited around 1,610-1,620. Nevertheless, traditional window-dressing activities in December [are] likely to lend some support to the KLCI," it said.

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