KLCI reverses early gains, dips 0.35% as regional markets struggle

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KUALA LUMPUR (Oct 26): The FBM KLCI reversed its earlier gains and fell 0.35% in line with struggling regional markets.

At 10am, the FBM KLCI fell 5.85 points to 1,680.74.

Gainers edged losers by 238 to 233, while 274 counters traded unchanged. Volume was 405.54 million shares valued at RM258.53 million.

The top losers included Public Bank Bhd, Malaysian Pacific Industries Bhd, KESM Industries Bhd, Petronas Gas Bhd, MISC Bhd, Kuala Lumpur Kepong Bhd, Malaysia Airports Holdings Bhd and Pineapple Resources Bhd.

The actives included Sapura Energy Bhd, Hibiscus Petroleum Bhd, Frontken Corp Bhd, Prestariang Bhd, Reach Energy Bhd and My EG Services Bhd.

The gainers included Selangor Properties Bhd, British American Tobacco (M) Bhd, Aeon Credit Service (M) Bhd, Magni-Tech Industries Bhd, United Plantations Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Oriental Interest Bhd, Genting Plantations Bhd and icapital.biz Bhd.

Asian shares wobbled in early Friday trade, struggling to shake off the previous day's global markets rout, after weak results from tech giants Alphabet Inc and Amazon.com heightened concerns over world trade and economic growth, according to Reuters.

The shaky start for regional bourses came despite a bounce on Wall Street overnight, which was helped by bargain-hunting and positive earnings from Microsoft Corp, it said.

Hong Leong IB Research in a traders' brief said although market participants have returned to stock markets yesterday, the research house believed it could be short lived as the worries on trade war (dampening the global economic activities) as well as the interest rate up-cycle environment could resurface in the upcoming months.

"Meanwhile, over the near term, Wall Street is likely to trend sideways ahead of the US mid-term election.

"On the local bourse, sentiment may stay tepid following the recent selling pressure and investors may still wait for further clarity in Budget 2019 next week before expanding their exposure in stock markets.

"Hence, we think rebound would be short lived over the near term and upside should be capped near the 1,700," it said.