KLCI remains lacklustre, tracks subdued region

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KUALA LUMPUR (June 21): The FBM KLCI remained lacklustre at mid-morning today, tracking the subdued regional markets.

At 10am, the FBM KLCI dipped 2.9 points to 1,706.85.

Losers led gainers by 273 to 196, while 269 counters traded unchanged. Volume was 462.87 million shares valued at RM318.54 million.

The losers included Nestle (M) Bhd, Petronas Dagangan Bhd, Telekom Malaysia Bhd, Ajinomoto (M) Bhd, British American Tobacco (M) Bhd, Heineken Malaysia Bhd, Hong Leong Bank Bhd, Tasek Corp Bhd and PPB Group Bhd.

The actives included My E.G. Services Bhd, Telekom Malaysia, Hubline Bhd, Key Alliance Group Bhd, GSB Group Bhd, Dagang NeXchange Bhd and Sapura Energy Bhd.

The gainers included Time dotCom Bhd, Petronas Gas Bhd, BIMB Holdings Bhd, ViTrox Corp Bhd, United Plantations Bhd, Press Metal Aluminium Holdings Bhd and Genting Plantations Bhd.

Asian shares were subdued on Thursday as a lull in the Sino-US trade tussle helped calm nerves enough for the Nasdaq to reach a record high, while tensions in the oil market grew ahead of an OPEC meeting that may expand crude supply, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.05% firmer, while Japan's Nikkei edged up 0.12% in thin trade, it said.

Hong Leong IB Research in a traders' brief said Wall Street managed to sustain its momentum led by bargain-hunting activities in the technology sector despite a drop in the Dow's components.

"Nevertheless, should Trump's administration impose another round of tariffs on Chinese products, we may face further increase in market volatility. Meanwhile, treasury yield rose as the Fed's chairman Jerome Powell commented that US central bank should continue with a gradual pace of interest rate hike.

"On the local front, after the selling move on FBM KLCI, we anticipate that bargain-hunting activities could emerge amid oversold index heavyweights.

"However, it is likely to trade on a range-bound mode as upside is limited with the prolong trade fears between the US and China," it said.