KUALA LUMPUR (March 28): The FBM KLCI hovered just above the 1,640-point level this morning, paring some of its earlier loss, against the backdrop of broadly weaker regional markets.
At 10am, the FBM KLCI fell 2.01 points to 1,640.72. The index had earlier slipped to a low of 1,638.69.
The losers led gainers by 273 to 149, while 272 counters traded unchanged. Volume was 438.77 million shares valued at RM254.64 million.
The top losers included Apex Healthcare Bhd, Public Bank Bhd, Rapid Synergy Bhd, Hengyuan Refining Company Bhd, Tenaga Nasional Bhd, Yinson Holdings Bhd, Kawan Food Bhd and Petron Malaysia Refining & Marketing Bhd.
The actives included Sapura Energy Bhd, Bumi Armada Bhd, Destini Bhd, My EG Services Bhd, Velesto Energy Bhd and Hiap Teck Venture Bhd.
The gainers included Fraser & Neave Holdings Bhd, British American Tobacco (M) Bhd, Teck Guan Perdana Bhd, Genting Bhd, Syarikat Takaful Malaysia Keluarga Bhd, CIMB Group Holdings Bhd, Petronas Chemicals Group Bhd and Amverton Bhd.
Asian share markets were painted red on Thursday as recession concerns sent bond yields spiralling lower across the globe, overshadowing central bank attempts to calm frayed nerves, according to Reuters.
Sterling was also hit by another bout of Brexit blues after a round of votes in the UK parliament failed to produce any plan to manage the divorce, it said.
Hong Leong IB Research said in the US, the negative sentiment could persist with traders monitoring the situation of the yield curve.
"Also, the uncertain trade developments between the US and China is likely to cap the upside of Wall Street at least for the near term. At the same time, market participants will watch out for the US 4Q GDP data that will be released later today to gauge the status of the economy.
"On the local front, we believe it is likely to go through a rough patch of trading activities as investors will be focusing on the news headlines commenting on the inverted yield curve which may lead towards a potential weakness in economic activities moving forward.
"Nevertheless, traders may selectively look out for construction related stocks as there could be a positive surprise on a potential revival on ECRL moving forward," it said.