Friday 29 Mar 2024
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KUALA LUMPUR (May 24): The FBM KLCI pared some of its losses at midday break today but remained below the crucial 1,800-point level, weighed by key heavyweights, tracking retreat at most regional markets.

At 12.30pm, the FBM KLCI was down 1.22% or 21.75 points to 1,782.50. The index had earlier tumbled to its intra-morning low of 1,768.18.

Market breadth stayed negative with losers outpacing gainers by 470 to 144, while 612 counters traded unchanged. Volume was 1.87 billion shares valued at RM1.89 billion.

Top losers included Nestle (M) Bhd, Brirish American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Malayan Banking Bhd (Maybank), Allianz Malaysia Bhd, Malaysia Airports Holdings Bhd, Apollo Food Holdings Bhd, Petron Malaysia Refining & Marketing Bhd, Perak Corp Bhd, Public Bank Bhd and Tenaga Nasional Bhd.

The actives included Sapura Energy Bhd, My E.G. Services Bhd, Eduspec Holdings Bhd, Maybank, Priceworth International Bhd, Hibiscus Petroleum Bhd and AirAsia X Bhd.

The gainers included Kluang Rubber Company (Malaya) Bhd, ViTrox Corp Bhd, Hong Leong Industries Bhd, SAM Engineering & Equipment Bhd, Genting Plantations Bhd, Lotte Chemical Titan Holding Bhd, Hong Leong Bank Bhd and MNRB Holdings Bhd.

Asian shares fell on Thursday, after the U.S. government launched a national security probe into auto imports that could lead to new tariffs, as well as on President Donald Trump's comments indicating fresh setbacks in U.S.-China trade talks, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1% higher, but Japan's Nikkei stock index fell 1.2% as auto shares slumped. South Korea's KOSPI lost 0.3%, Reuters said.

Globally, major equity markets drifted lower in the last trading session and are expected to continue today, Affin Hwang Capital Research said.

U.S. markets was also down most of the session but managed to rebound at the closing, it added.

Sentiments turned bearish in Europe, as a business survey showed euro zone economic growth continued to slow down with intensifying concerns of weaker inflation, the research house said.

“In addition, the European Central Bank hinted that asset purchase program will end soon and rate hikes will start in 2019. Whereas, in the US, concerns are more about unsuccessful trade talks with China.

“In the local scene, the FBM KLCI tumbled about 40 points yesterday and selling pressures [are] anticipated [to] continue today.

“Market sentiments shifted to slightly bearish, likely due to rising concerns on Malaysia’s debt level. On the technical front, almost all major markets are pointing toward short-term consolidation. Stocks in Bursa Malaysia [are] anticipated moving in tandem with the global trend,” Affin Hwang Capital Research said.

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