KLCI slips as local sentiment remains tepid


-A +A

KUALA LUMPUR (June 24): The FBM KLCI slipped at the midday break as local investor sentiment remained tepid on the lack of fresh catalysts despite the rally at most regional markets.

At 12.30pm, the FBM KLCI was down 0.69 points to 1,726.17.

Market breadth was mixed with 306 losers and 290 gainers, while 322 counters traded unchanged. Volume was 843.45 million shares valued at RM725.63 million.

The top losers included Tenaga Nasional Bhd, Kossan Rubber Industries Bhd, Hong Leong Financial Group Bhd, UEM Edgenta Bhd, Globetronics Technology Bhd, YNH Property Bhd and Aon Credit Services (M) Bhd.

The actively traded stocks included KNM Group Bhd, PUC Founder Bhd, Perisai Petroleum Teknologi Bhd, Frontken Corporation Bhd, APFT Bhd, Perwaja Holdings Bhd and Kinsteel Bhd.

The top gainers included VS Industry Bhd, Puncak Niaga Holdings Bhd, Kuala Lumpur Kepong Bhd, Genting Plantations Bhd, Petronas Dagangan Bhd and Harbour-Link Group Bhd.

Asia shares were trying to score a sixth session of gains on Wednesday as investors chose to be optimistic on the chances of a Greek debt deal, while the dollar held firm as the prospect of US rate rises came back into view, according to Reuters.

Japan's Nikkei led the way as a rise of 0.5% cleared a peak from 2000 to reach ground last trod in late 1996, it said.

BIMB Securities Research said Asian markets were generally higher yesterday except for those in the Southeast Asia region as foreign selling remained apparent.

Locally, it said the FBM KLCI lost 5.90 points at 1,726.86 as foreign selling persisted with a net outflow of RM173.4 million yesterday.

“Nonetheless we believe buying sentiments to return soon as Fitch maintain its status quo on Malaysia with a A- (negative) in its latest report.

“With this uncertainty lifted, we thus expect sentiments on Malaysia to improve with the 1,730 as the immediate resistance,” it said.