Friday 29 Mar 2024
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KUALA LUMPUR (June 12): The FBM KLCI remained under pressure at mid-morning today, dragged by select index-linked blue chips.

At 10am, the FBM KLCI dipped 2.28 points to 1,773.52.

Gainers led losers by 247 to 236, while 266 counters traded unchanged. Volume was 704.32 million shares valued at RM393.38 million.

The top losers included Top Glove Corp Bhd, Genetec Technology Bhd, Dutch Lady Milk Industries Bhd, Tenaga Nasional Bhd, United Plantations Bhd, Nestle (M) Bhd, Heineken Malaysia Bhd, Hartalega Holdings Bhd, DiGi.Com Bhd and Aeon Credit Service (M) Bhd.

The actives included Sapura Energy Bhd, My E.G. Services Bhd, Frontken Corp Bhd, iDimension Consolidated Bhd, Barakah Offshore Petroleum Bhd and Perisai Petroleum Teknologi Bhd.

The gainers included Fraser & Neave Holdings Bhd, British American Tobacco (M) Bhd, KESM Industries Bhd, Bintulu Port Holdings Bhd, Ajinomoto (M) Bhd, Alliance Bank Malaysia Bhd, Kossan Rubber Industries Bhd, Hong Leong Financial Group Bhd, Lingkaran Trans Kota Holdings Bhd and Amway (M) Holdings Bhd.

The US dollar jumped to a three-week top on Tuesday while Asian shares started cautiously as investors were hopeful of a positive outcome from a highly anticipated US-Korea summit, which could set the stage for ending a nuclear stand-off on the Korean peninsula, according to Reuters.

Japan's Nikkei climbed 0.8% to the highest in three weeks and South Korean shares added 0.1%. Australia's benchmark index was a tad firmer while New Zealand eased 0.3%, it said.

Hong Leong IB Research in a traders' brief said in the US, trading activities remained cautious as investors will be monitoring two major events, namely the Trump-Kim summit and FOMC meeting that will be concluding on June 13.

"Should there be any negative surprise throughout the US-North Korea summit, it may dampen the market tone over the week.

"For our local front, stocks are likely to stay sideways as investors are digesting and waiting for fresh leads from Pakatan Harapan on their reform plans that would grow Malaysia's economy over the mid to long term.

"Nevertheless, in this uncertain market environment, traders may look into stocks within the consumer and REITs sector for defensive exposure," it said.

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