Friday 29 Mar 2024
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KUALA LUMPUR (July 3): The FBM KLCI looked set to extend its losses today in line with the turbulent regional markets, as it fell 0.43% at the midday break.

At 12.30pm, the FBM KLCI fell 7.14 points to 1,677.91. The index had earlier slipped to its intra-morning low of 1,674.11.

Losers led gainers by 323 to 178, while 501 counters traded unchanged. Volume was 1.01 billion shares valued at RM669.87 million.

The top losers included Malaysian Pacific Industries Bhd, Nestle (M) Bhd, Tenaga Nasional Bhd, United Plantations Bhd, LPI Capital Bhd, Panasonic Manufacturing Malaysia Bhd, Allianz Malaysia Bhd, Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd and Sime Darby Bhd.

The actives included Sapura Energy Bhd, Red Sena Bhd, Borneo Oil Bhd, FoundPac Group Bhd, Hibiscus Petroleum Bhd, Iris Corp Bhd and Versatile Creative Bdh.

The gainers included Heineken Malaysia Bhd, Hong Leong Financial Group Bhd, British American Tobacco (M) Bhd and structured put warrants that tracked the Hang Seng Index.

Chinese stocks went into a tail spin on Tuesday as turbulence gripped equity markets in Asia, which sank to nine-month lows, as investors feared the Sino-U.S. trade row could derail a rare period of synchronized global growth, according to Reuters.

Speculation was rife the central bank in China was intervening in the currency market to staunch losses and prevent a potentially destabilising sell-off in the yuan, it said.

CIMB Retail Research said trade woes continued to cloud over regional markets, as markets ended lower across the board on the first trading day of the second half of 2018.

It said Malaysia was not spared as well, with the local benchmark ending the day down 0.4% lower to 1,685.05.

“The key index may see further selling today on the back of lingering trade tension.

“The index may retest the 1,665-1,675 levels today but we expect the market to be supported. Resistance levels are at 1,700 and 1,710 while support levels are 1,675 and 1,660,” it said.

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