Friday 29 Mar 2024
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KUALA LUMPUR (April 20): The FBM KLCI pared some of its losses at mid-morning today but remained 0.19% lower, in line with the retreat at the regional markets.

At 10.10am, the FBM KLCI was down 3.78 points to 1,891.40. The index had earlier slipped to a low of 1,888.56.

Losers led gainers by 324 to 182, while 297 counters traded unchanged. Volume was 737.99 million shares valued at RM359.13 million.

The top losers included Allianz Malaysia Bhd, United Plantations Bhd, Press Metal Aluminium Holdings Bhd, SAM Engineering & Equipment (M) Bhd, Hong Leong Bank Bhd, Hengyuan Refining Co Bhd, Petron Malaysia Refining & Marketing Bhd, Globetronics Technology Bhd and APM Automotive Holdings Bhd.

The actives included Sapura Energy Bhd, Vizione Holdings Bhd, KNM Group Bhd, Hibiscus Petroleum Bhd, PUC Bhd, Sumatec Resources Bhd, UMW Oil & Gas Corp Bhd and Scomi Group Bhd.

The gainers included Fraser & Neave Holdings Bhd, British American Tobacco (M) Bhd, Nestle (M) Bhd, Panasonic Manufacturing Malaysia Bhd, Carlsberg Brewery Malaysia Bhd and LPI Capital Bhd.

Asian shares slipped on Friday as a warning on smartphone demand from the world's largest contract chipmaker slugged the tech sector, while lofty oil prices stirred inflation fears and undermined sovereign bonds, according to Reuters.

Apple led the way after Taiwan Semiconductor Manufacturing Co Ltd cut its revenue target to the low end of forecasts and blamed softer demand for smartphones, it said.

Hong Leong IB Research in a traders' brief said that on the Dow Jones, although market consensus is expecting a stronger-than-expected 1Q18 earnings season in the US, market tone may turn negative with investors focusing on the increasing 10-year Treasury yield that surpassed 2.9% yesterday.

"Hence, the Dow's near-term upside could be located around 25,000-25,500.

"Tracking the softer Wall Street performances, traders on the local front could turn on the profit-taking mode as the FBM KLCI is trading near the all-time-high zone.

"We expect the selling spell could emerge selectively within the small cap and lower liners as well amid overbought signals. Nevertheless, we see commodities related (oil and aluminium) stocks are likely to trend higher," it said.

 

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