KLCI remains in the red, down 0.52% in line with region

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KUALA LUMPUR (Sept 5): The FBM KLCI remained in the red at mid-morning and was down 0.52%, in line with the weaker regional markets.

At 10am, the FBM KLCI lost 9.29 points to 1,803.47.

Losers led gainers by 312 to 221, while 286 counters traded unchanged. Volume was 672.84 million shares valued at RM435.02 million.

The top losers included Nestle (M) Bhd, Panasonic Manufacturing Malaysia Bhd, Apex Healthcare Bhd, Encorp Bhd, Hong Leong Financial Group Bhd, Hong Leong Bank Bhd, Hengyuan Refining Company Bhd, Petronas Gas Bhd and PPB Group Bhd.

The actives included My E.G. Services Bhd, Borneo Oil Bhd, Pesona Metro Holdings Bhd, Sapura Energy Bhd, D,.B.E. Gurney Resources Bhd and XOX Bhd.

The gainers included Public Bank Bhd, Toyo Ink Group Bhd, Genetec Technology Bhd, Heineken Malaysia Bhd, Ideal Jacobs (M) Corp Bhd, Mi Equipment Holdings Bhd, IJM Plantations Bhd, Kobay Bhd and British American Tobacco (M) Bhd.

Asian stocks tracked their global peers lower while the safe-haven dollar was broadly higher on Wednesday as worries over persistent trade conflicts curbed investor appetite for riskier assets, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent, it said.

Hong Leong IB Research in a traders’ brief said on the Dow Jones outlook, investors remain cautious over the trade developments between the US and its trading partners.

“Should there be any negative surprises on the current trade negotiations, we see downside risk to the stock markets globally. Hence, we see sideways trending mode on Wall Street.

“Stocks on the local bourse are likely to trade on a lacklustre mode amid the ongoing trade worries, limiting the upside potential of the rebound yesterday.

“Nevertheless, export-oriented and oil & gas sectors are likely to stay under traders’ radar as ringgit is traded around RM4.13/USD, while Brent oil is hovering above US$78,” it said.