KLCI pares loss, sentiment stays tepid

KLCI pares loss, sentiment stays tepid

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KUALA LUMPUR (Sept 26): The FBM KLCI pared some of its losses at mid-morning today as the local index tracked regional markets.

At 10am, the FBM KLCI fell 2.25 points to 1,792.22. The index had earlier slipped to a low of 1,787.62.

Gainers led losers by 228 to 220, while 284 counters traded unchanged. Volume was 445.32 million shares valued at RM261.34 million.

The decliners included Chin Teck Plantations Bhd, LPI Capital Bhd, Panasonic Manuacturing Malaysia Bhd, Dutch Lady Milk Industries Bhd, Petronas Chemicals Group Bhd and SAM Engineering & Equipment Bhd.

The actives included Sapura Energy Bhd, Hibiscus Petroleum Bhd, QES Group Bhd, Borneo Oil Bhd and Reach Energy Bhd.

The gainers included Carlsberg Brewery Malaysia Bhd, British American Tobacco (M) Bhd, New Hoong Fatt Holdings Bhd, Hong Leong Financial Group Bhd, Tenaga Nasional Bhd, Dufu Technology Bhd and Scientex Bhd.

Asian shares barely budged on Wednesday, lacking traction as U.S. bond yields edged near a seven-year peak ahead of a widely expected rate hike by the Federal Reserve and as international oil prices rose to four-year highs, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat in early trade, in part as South Korea is closed for a holiday. It stayed below a three-week high hit on Friday, it said.

Hong Leong IB Research in a traders’ brief said the unsettled trade discussions between the economic superpowers are likely to affect the market sentiment and the Dow is likely to trend sideways between 26,000-27,000 with market participants fret a tit-for-tat dispute between Washington, Beijing and other global trade partners could spiral into a full-blown trade war that may soften the corporate earnings.

“Also, the two-day FOMC meeting will be one of the focuses near term.

“As the markets on Wall Street maintained its mixed trading tone, we may anticipate further weakness amongst the stocks on the local front and the FBM KLCI may see extended profit taking activities over the near term.

“However, trading interest will be seen within O&G stocks as Brent crude oil is hovering steadily above USD80,” it said.