KLCI pares loss, stays well below 1,700 level

-A +A

KUALA LUMPUR (Dec 10): The FBM KLCI marginally pared some of its losses at mid-morning today but remained well below the crucial 1,700-point level in tandem with the slump at regional markets.

At 10am, the FBM KLCI fell 10.91 points to 1,669.63. The index had earlier dipped to a low of 1,668.52.

Losers led gainers by 328 to 119, while 214 counters traded unchanged. Volume was 614.85 million shares valued at RM201.42 million.

The top losers included Fraser & Neave Holdings Bhd, British American Tobacco (M) Bhd, Carlsberg Brewery Malaysia Bhd, Kuala Lumpur Kepong Bhd, Top Glove Corp Bhd, KESM Industries Bhd, Batu Kawan Bhd, Panasonic Manufacturing Malaysia Bhd, Tenaga Nasional Bhd and Amway (M) Holdings Bhd.

The actives included Hubline Bhd, Bumi Armada Bhd, Sanichi Technology Bhd, Permaju Industries Bhd and Jaks Resources Bhd.

The gainers included Hong Leong Financial Group Bhd, Petronas Dagangan Bhd, Petronas Gas Bhd and Nestle (M) Bhd.

Global stocks extended their slump on Monday, with US equity futures and Asian shares sliding on worries over slowing growth and fears that a fresh flare-up in tensions between Washington and Beijing could quash any chances of a trade deal, according to Reuters.

Traders returned from the weekend to face a growing wall of worry, with the world's largest economies — the United States, China and Japan — all reporting weaker-than-expected data which point to moderating activity, it said.

Hong Leong IB Research in a traders' brief said in the US, market volatility is likely to increase despite the 90-day trade truce period following the arrest of Huawei's CFO, which contributed towards escalation of trade tensions between the US and China.

"The only feel good factor over the weekend that may limit the downside risk is the better-than-expected production cutting outcome by the OPEC and the non-OPEC meeting last week.

"On the local front, we think selling pressure could persist, tracking the negative tone on Wall Street as well as the escalating trade tensions between the US and China.

"However, trading activities may be seen within the oil and gas stocks with the speculation of higher Brent oil prices this week," the research house said.