Thursday 28 Mar 2024
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KUALA LUMPUR (July 7): The FBM KLCI pared some of its losses at the midday break today, in line with regional markets that steadied after the sharp selldown Monday.

At 12.30pm, the FBM KLCI was down 0.86 points to 1,716.19. The index had earlier dipped to 1,711.77.

But the broader market sentiment remained weaker with decliners leading gainers by 362 to 266, while 295 counters traded unchanged. Volume was 894.51 million shares, valued at RM631.84 million.

The top losers included UMW Holdings Bhd, Panasonic Malaysia Manufacturing Bhd, Oriental Food Industries Bhd, Aeon Credit Services (M) Bhd, Lafarge Malaysia Bhd, Allianz (M) Bhd, Malaysia Airports Holdings Bhd and Amway (M) Holdings Bhd.

The actively-traded stocks included Scan Associates Bhd, KNM Group Bhd, JAKS Resources Bhd, Frontken Corporation Bhd, Kinsteel Bhd and Perwaja Holdings Bhd.

Asian stocks won a reprieve on Tuesday, after sharp falls the previous day, but investors remained on edge amid uncertainty over Greece's position in the euro and volatility in mainland Chinese equity markets, according to Reuters.

Chinese shares dropped almost two percent in early trading, reversing much of gains made on Monday, following unprecedented steps to stabilise a plummeting market, it said.

AffinHwang Capital Research said that bearish global stock markets, combined with absence of local catalyst, may lead the FBM KLCI to test 1700 points.

“Times of turbulence seen in money market, Greek struggles to solve its liquidity problem,

“Technically, local market is anticipated to be trapped in a two-month downtrend channel, influenced by volatile currency and commodity markets,” it said.

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