KLCI remains below 1,800-level, Petronas-linked stocks weigh


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KUALA LUMPUR (May 13): The FBM KLCI remained below the 1,800-point level at the midday break today, weighed by Petronas-linked stocks.

At 12.30pm, the FBM KLCI fell 0.64 points to 1,797.97.

Market sentiment was mixed with 333 losers and 275 gainers, while 330 counters traded unchanged. Volume was 870.88 million shares valued at RM809.99 million.

The top losers included Petronas Dagangan Bhd, Dutch Lady Milk Industries Bhd, British American Tobacco (M) Bhd, Berjaya Auto Bhd, Petronas Gas Bhd, Pharmaniaga Holdings Bhd, Malaysia Airports Holdings Bhd, Sarawak Oil Palms Bhd, Sasbadi Holdings Bhd and CIMB Group Holdings Bhd.

The actively traded stocks included Kanger International Bhd, Scan Associates Bhd, Frontken Corporation Bhd, Nova MSC Bhd, AirAsia X Bhd and Vsolar Group Bhd.

The gainers in the morning session included Nestle (M) Bhd, Syarikat Takaful Malaysia Bhd, United Plantations Bhd, Genting Bhd, Khind Holdings Bhd, IOI Corporation Bhd and PPB Group Bhd.

Asian shares firmed on Wednesday, shrugging off weakness on Wall Street as investors bet that a batch of economic data from China due later in the day would bolster the case for more stimuli in the world's second-largest economy, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5%. Japan's Nikkei stock index edged down slightly, it said.

Hong Leong IB Research said given a host of domestic and external challenges, there is still downside pressure for Bursa Malaysia in the short term but the FBM KLCI was likely to find its footing near 1,793 (38.2% FR) and 1,771 (50% FR), supported by grossly oversold slow stochastic and ahead of the tabling of 11th Malaysian Plan in Parliament on 21 May.