KLCI pares loss, but stays in the red in line with region

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KUALA LUMPUR (March 28): The FBM KLCI pared some ot its losses at mid-morning but remained in the negative zone, tracks regional markets.

At 10am, the FBM KLCI was down 2.77 points to 1,859.68. The index had earlier slipped to a low of 1,855.12.

Losers led gainers by 350 to 142, while 288 counters traded unchanged. Volume was 462.19 million shares valued at RM187.76 million.

The top losers included KESM Industries Bhd, Fraser & Neave Holdings Bhd, Petron Malaysia Refining & Marketing Bhd, Malaysian Pacific Industries Bhd, ViTrox Corp Bhd, United Plantations Bhd and Hengyuan Refining Company Bhd.

The actives included Hibiscus Petroleum Bhd, Media Chinese International Ltd, Sapura Energy Bhd, Accsoft Technology Bhd, Priceworth International Bhd and Globaltec Formation Bhd.

The gainers included British American Tobacco (M) Bhd, Nestle (M) Bhd, LPI Capital Bhd, Heineken Malaysia Bhd, Tasco Bhd, Aeon Credit Service (M) Bhd and SAM Engineering & Marketing Bhd.

Asian shares pulled back on Wednesday as Wall Street was knocked hard on concerns about tighter regulations on the tech industry, denting a brief global equities recovery driven by hopes of easing fears of a trade war between China and the United States, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.4 percent, with tech-heavy Korean shares falling 1.0 percent. Japan's Nikkei fell 2.1 percent, it said.

Hong Leong IB Research in a traders’ brief said negative sentiment on Wall Street could spillover towards stocks on the local front, especially the lower liners and small caps after the relief rebound yesterday.

“We believe the ongoing volatile environment, coupled with the uncertainties ahead of the GE14 and parliament dissolution could curtail the upside move on the stock market,” it said.