KUALA LUMPUR (July 12): The FBM KLCI remained presured at mid-morning today, tracking regional markets as market sentiment stayed tepid with the spectre of a U.S.-China trade war still hanging over global markets.
At 10am, the FBM KLCI was down 1.77 points to 1,687.00.
Losers led gainers by 238 to 197, while 249 counters traded unchanged. Volume was 520.77 million shares valued at RM253.27 million.
The decliners included Nestle (M) Bhd, British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, Batu Kawan Bhd, PPB Group Bhd, Malaysian Pacific Industries Bhd, Hong Leong Bank Bhd, Top Glove Corp Bhd, Hong Leong Financial Group Bhd and Fraser & Neave Holdings Bhd.
The actives included Sapura Energy Bhd, Nova MSC Bhd, Diversified Gateway Solutions Bhd, Datasonic Group Bhd and Seacera Group Bhd.
The gainers included Aeon Credit Service (M) Bhd, Hartalega Holdings Bhd, Cocoaland Holdings Bdh, Syarikat Takaful Malaysia Bhd, United Plantations Bhd, Kossan Rubber Industries Bhd, Hai-O Enterprise Bhd, Public Bank Bhd and ViTrox Corp Bhd.
Asian stocks remained under pressure on Thursday from fears of an escalation in the U.S.-China trade war, while the dollar stood stall after rallying against its peers amid the turmoil in broader markets, said Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.25 percent, it said.
Hong Leong IB Research in a traders’ brief said the market may stay cautious with the recent new trade developments and China has pledged to retaliate earlier.
“Hence, traders will take the opportunity to tone down their exposure on equities in view of the heightened market volatility over the near term. The Dow likely to be trending sideways within the 24,000-25,000.
“Tracking the weaker performance on the overnight Dow, we opine that market tone could remain tepid and stocks may extend its consolidation phase over the near term.
“Also, the steep 1-day decline on the crude oil prices could affect the trading sentiment on the O&G. Meanwhile, the FBM KLCI is likely to rangebound within 1,660-1,700,” it said.