KLCI pares loss, stays lacklustre in line with region

KLCI pares loss, stays lacklustre in line with region
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KUALA LUMPUR (Nov 7): The FBM KLCI pared some of its loss at mid-morning but remained lacklustre in line with its regional peers.

At 10am, the FBM KLCI was down 0.38 points to 1,603.63. The index had earlier slipped to a low of 1,601.25.

Gainers led losers by 268 to 200, while 301 counters traded unchanged. Volume was 587.38 million shares valued at RM257.86 million.

The decliners included Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Hong Leong Bank Bhd, Hartalega Holdings Bhd, KESM Industries Bhd and Country Heights Holdings Bhd.

The actives included Velesto Energy Bhd, Karambunai Corp Bhd, FoundPac Group Bhd, Eduspec Holdings Bhd and Bumi Armada Bhd.

The gainers included Carlsberg Brewery Malaysia Bhd, Petronas Dagangan Bhd, Heineken Malaysia Bhd, Genting Plantations Bhd, MISC Bhd, British American Tobacco (M) Bhd, Allianz Malaysia Bhd, Kuala Lumpur Kepong Bhd, Westports Holdings Bhd and SAM Engineering & Equipment Bhd.

Reuters reported that Asian shares paused near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-U.S. trade deal left investors frustrated at the lack of concrete progress.

MSCI's broadest index of Asia-Pacific shares outside Japan was a shade lower, just off a six-month high hit earlier in the week, it said.

Hong Leong IB Research said despite the positive progress in the US and China trade front over the past few weeks, sentiment could be dampened by the Democratic-led impeachment proceedings on 13-15 Nov against Trump for pressuring Ukraine to investigate a political rival and overbought technicals, coupled with comments from China to request for a partial tariffs removal on selected Chinese goods prior to the mini deal signing.

“We expect Dow to trend range bound within 27000-27700.

On the local market, it said barring a decisive breakdown below the 1576-1587 supports, the relief rally from 4-year low of 1548.5 (Oct 10) to 1616-1638 remains intact.

“Nonetheless, news that the long-awaited interim US-China trade deal could be delayed until December and concerns of further potential disappointments in the on-going reporting season and overbought technicals could trigger profit taking activities,” it said.