Friday 29 Mar 2024
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KUALA LUMPUR (Jan 15): The FBM KLCI remained in negative territory at mid-morning today, in line with the regional markets that retreated on global economic worries.

At 10.01am, the FBM KLCI dipped 2.88 points to 1,673.28.

Losers led gainers by 247 to 205, while 235 counters traded unchanged. Volume was 509.79 million shares valued at RM216.87 million.

The losers included British American Tobacco (M) Bhd, Lingkaran Trans Kota Holdings Bhd, Time Dotcom Bhd, Hai-O Enterprise Bhd, Hong Leong Bank Bhd and Tenaga Nasional Bhd.

The actives included Tatt Giap Group Bhd, Seacera Group Bhd, Bina Puri Holdings Bhd, Hubline Bhd, PUC Bhd, JAG Bhd and Protasco Bhd.

The gainers included Allianz Malaysia Bhd, Amway (M) Holdings Bhd, Hong Leong Financial Group Bhd, KESM Industries Bhd, Genetec Technology Bhd, Uchi Technologies Bhd and Mega First Corp Bhd.

Asian shares were on back foot on Tuesday as an unexpected drop in China's exports heightened worries about the global economy while the British pound braced for a showdown in parliament over the government's Brexit plan, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat in early trade while Japan's Nikkei fell 0.7% after a market holiday on Monday, the newswire said.

Hong Leong IB Research said in the US, investors are likely to stay cautious during the US corporate earnings season and China's trade data is likely to dampen the sentiment over a short period of time.

"Meanwhile, should there be any reopening news of the US government shutdown, it may cheer the stock markets on a positive note and the Dow could be lifted above the 24,000 psychological level.

"We believe the negative sentiment on Wall Street could spill over to stocks on the local bourse and profit-taking activities could extend for another session on the back of weaker China trade data, coupled with stronger ringgit (dampen exporters' outlook).

"Also, with the retracement of Brent oil prices, the oil and gas sector is likely to endure mild pullback over the near term," the research house said.

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