Friday 29 Mar 2024
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KUALA LUMPUR (Oct 20): The FBM KLCI remained in the red at the midday break today, in line with regional markets as investor sentiment turned negative.

At 12.30pm, the FBM KLCI lost 4.41 points to 1,713.79.

Losers led gainers by 474 to 241, while 290 counters traded unchanged. Volume was 1.06 billion shares valued at RM735.31 million.

The top losers included Hong Leong Financial Group Bhd, PPB Group Bhd, Nestle (M) Bhd, Amtel Holdings Bhd, APM Automotive Bhd, Ibraco Bhd, CIMB Group Holdings Bhd, Tasek Corporation Bhd, Astral Asia Bhd and IJM Plantations Bhd.

The actives included AirAsia Bhd, 1 Utopia Bhd, APFT Bhd, The Media Shoppe Bhd, Frontken Corporation Bhd, Instacom Group Bdh, Tiger Synergy Bhd, China Automobile Parts Holdings Bhd, Privasia Technology Bhd and KNM Group Bhd.

The gainers included British American Tobacco (M) Bhd, Top Glove Corporation Bhd, United Plantations Bhd, SAM Engineering & Equipment Bhd, Warisan TC Holdings Bhd, Genting Plantations Bhd, Gamuda Bhd, Tex Cycle Technology Bhd, Far East Corporation Bhd and UEM Edgenta Bhd.

Asian equities fell across the board on Tuesday after commodity prices languished in the wake of China growth woes and dampened risk sentiment, while the euro hovered near a 10-day low ahead of a European Central Bank meeting that could open the door for more monetary easing, according to Reuters.

The Canadian dollar, already under pressure from sliding crude oil prices, faced extra headwinds as Canada's Liberal Party was tipped to won Monday's general election which would pave the way for increased government spending, it said.

BIMB Securities Research said that on earlier trading yesterday, key Asian indices ended mixed after China's economy expanded at its slowest pace since 2009 in 3Q2015.

Locally, it said the FBM KLCI ended flattish, gained 1.38 points or 0.08% to 1,718.20, driven by gains in gaming, banking and telco stocks.

"Trading participation shows net buying by local institutions while foreign institutions and local retail were net sellers.

"We reckon the local market to trend sideways for today as investors would remain cautious due to mixed sentiments around the world with the index hovering circa 1,715–1,720," it said.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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