KLCI pares loss, but still not out of the woods

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KUALA LUMPUR (Sept 8): The FBM KLCI pared some of its loss at the midday break today in line with the slight recovery at regional markets, but it was not sufficient to lift the local index out of the woods as yet.

At 12.30pm, the FBM KLCI was down 3.47 points to 1,579.38. The index had earlier dipped to its intra morning low of 1,576.96.

Declining issues led gainers by 335 to 280, while 259 issues traded unchanged. Volume was 868.37 million shares, valued at RM599.48 million.

The top losers included Apex Healhcare Bhd, Genting Bhd, Globetronics Technology Bhd, Carlsberg Brewery (M) Holdings Bhd, Sime Darby Bhd, Latitude Tree Holdings Bhd, Gas Malaysia Bhd, IJM Corporation Bhd, Lii Hen Industries Bhd and Cocoaland Holdings Bhd.

The top actively-traded stocks included The Media Shoppe Bhd, Tiger Synergy Bhd, China Stationery Ldt Bhd, IFCA MSC Bhd, AirAsia Bhd and Iris Corporation Bhd.

The gainers included British American Tobacco (M) Bhd, Danainfra Nasional Bhd, Chin Teck Plantations Bhd, MSM Malaysia Holdings Bhd, Kluang Rubber Company (Malaya) Bhd, KESM Industries Bhd, Lafarge Malaysia Bhd and GD Express Carrier Bhd.

Asian stocks edged higher on Tuesday after a six-day losing streak, and the dollar firmed against the safe-haven Japanese yen, but gains were muted ahead of Chinese data, which could offer more clues on the health of its economy, according to Reuters.

Chinese trade data at 0200 GMT is likely to show a further contraction in both imports and exports in August, and point to a continued economic slowdown, but are not expected to offer any signs of a hard landing, which some global investors have begun to fear, it said.

AffinHwang Capital Research said the downtrend may continue, in line with the softer ringgit and dips in commodity prices.

It said the delay in the rate hike by the US Federal Reserve and mixed economics data from the US, have sluggished sentiments in global equity market.

“Technically, much anticipated rebound rally above 1600 has yet to materialise, hence downward bias remains,” it said.