KLCI pares loss but stays down 0.37% as index-linked plantation stocks drag, regional markets mixed

KLCI pares loss but stays down 0.37% as index-linked plantation stocks drag, regional markets mixed
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KUALA LUMPUR (Aug 5): The FBM KLCI pared some of its loss but was still down 0.37% in the mid-morning as index-linked plantation stocks dragged against a backdrop of mixed regional markets.

At 10am, the KLCI was down 5.77 points at 1,570.17. The index earlier slipped to a low of 1,567.22.

Gainers led losers by 468 to 357, while 328 counters traded unchanged. Trading volume was 3.58 billion shares valued at RM1.94 billion.

The top losers included Kuala Lumpur Kepong Bhd, PPB Group Bhd, Petronas Gas Bhd, IOI Corp Bhd, UMW Holdings Bhd, Ajiya Bhd, BIMB Holdings Bhd and Choo Bee Metal Industries Bhd.

The actively traded stocks included DGB Asia Bhd, JAG Bhd, Hubline Bhd, AT Systematization Bhd, mTouche Technology Bhd and Orion IXL Bhd.

The gainers included Kossan Rubber Industries Bhd, Bursa Malaysia Bhd, Fraser & Neave Holdings Bhd, Supermax Corp Bhd, Adventa Bhd and Rubberex Corp (M) Bhd.

Bloomberg said Asian stocks opened mixed today as investors mulled the progress of stimulus talks in Washington and reports of a plan to review the US-China trade deal.

Gold touched a record high, it reported.

Hong Leong Investment Bank (HLIB) Research said in the wake of fading impact of past stimulus measures and evidence that the global V-shaped recovery had stalled amid lingering fears of a second wave of Covid-19 infections, coupled with heightened US-China geopolitical conflicts, it remained to be seen what would help to keep global stock markets elevated in the coming weeks.

“On the domestic scene, nagging political uncertainties and expectations of worsening reported numbers for the second quarter of 2020 (2Q20 for both gross domestic product and corporate results) are the risks that could trigger further consolidation in August,” it said.