KLCI remains in negative zone as sentiment stays weak

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KUALA LUMPUR (May 29): The FBM KLCI remained in negative zone at the midday break today, weighed by losses at select blue chips.

At 12.30pm, the FBM KLCI fell 3.11 points to 1,752.45.

Losers outpaced gainers by 390 to 282, while 274 counters traded unchanged. Volume was 989.14 million shares valued at RM903.03 million.

The top losers included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Oriental Holdings Bhd, Public Bank Bhd, Hong Leong Industries Bhd, K-One Technology Bhd, Sime Darby Bhd, IQ Group Bhd and Malaysia Airports Holdings Bhd.

The actively traded stocks included K-One, Xinghe Holdings Bhd, Nova MSC Bhd, Frontken Corporation Bhd, Opensys (M) Bhd, Bintai Kinden Corporation Bhd, APFT Bhd, Privasia Technology Bhd and Nexgram Holdings Bhd.

The top gainers included Y&G Corporation Bhd, LTKM Bhd, Sam Engineering Bhd, Panasonic Malaysia Manufacturing Bhd, Bintai Kinden, Inari Amertron Bhd, Microlink Solutions (M) Bhd, Hong Leong Financial Group Bhd and MNRB Holdings Bhd.

Chinese share markets extended a bruising selloff on Friday after the previous day's plunge, while the dollar took a breather from a sharp run up this week, according to Reuters.

The slide in China forced Asian markets off earlier gains, with the MSCI's broadest index of Asia-Pacific shares outside Japan flat. It shed more than 1% on Thursday. South Korean shares gained 0.4% and Australian stocks rose 1.2%. Japan's Nikkei was flat, it said.

BIMB Securities Research said that in Asia, stocks ended mostly lower with China stocks plunging 6.5% after sovereign fund cuts stakes in banks.

The research house said Hong Kong also saw some spillover effect where the HSI fell more than 2%.

It said the local market ended flattish despite overnight gain in the US, with the FBMKLCI gaining 0.03% to 1,755.56.

“Trading participation saw net selling by foreign institutions while local institutions and retail were net buyers.

“We expect the local market to remain bearish due to poor sentiment with immediate support at 1,750,” it said.