KLCI remains under pressure, falls 0.69%

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KUALA LUMPUR (May 5): The FBM KLCI remained under pressure and fell 0.69% at mid-morning today, in line with losses at most regional markets.

At 10am, the FBM KLCI lost 11.48 points to 1,646.10.

The top losers included Petronas Gas Bhd, PPB Group Bhd, public Bank Bhd, Kuala Lumpur Kepong Bhd, Carlsberg Brewery (M) Holdings Bhd, Petronas Dagangan Bhd, Sime Darby Bhd, IHH Healthcare Bhd, Petron Malaysia Refining & Marketing Bhd, Genting Bhd and Genting Malaysia Bhd.

The actives included Spring Gallery Bhd, Vivocom International Holdings Bhd, AirAsia X Bhd, JAG Bhd, Minetec Resources Bhd am SapuraKencana Petroleum Bhd.

The top gainers included British American Tobacco (M) Bhd, MAA Group Bhd, Bursa Malaysia Bhd, Dutch Lady Milk Industries Bhd, Keck Seng (Malaysia) Bhd, Cahya Mata Sarawak Bhd amnd Karex Bhd.

Asian shares slipped for a seventh straight session on Thursday as a mixed batch of U.S. economic data did nothing to assuage concerns about global growth and deflation, keeping sovereign bonds well supported, according to Reuters.

Activity was sparse with Japan still on holiday and many investors taking cover ahead of the U.S. jobs report on Friday, it said.

Hong Leong IB Research said despite a bargaining technical rebound on Wednesday, the trend of the FBM KLCI remains under pressure as the current downtrend is deemed to persist until very convincing reversal signals emerge.

It said the overall sentiment is expected to stay weak, in tandem with overnight decline in US stocks and depreciation of Ringgit against US Dollar.

“Traders are expected to continue stay cautious over the release of a few key external economic data, including US, China while digesting the news that the Ministry of Finance of Malaysia has taken over selected assets of 1MDB despite a looming interest payment of US$52.4 million on May 11 by 1MDB,” it said.