KLCI stays lacklustre as Hartalega, Public Bank, Genting drag

KLCI stays lacklustre as Hartalega, Public Bank, Genting drag
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KUALA LUMPUR (Aug 21): The FBM KLCI remained lacklustre in the negative zone at mid-morning Friday as index-linked stocks including Hartalega Holdings Bhd, Public Bank Bhd and Genting Bhd dragged, while regional markets rose.

At 10.05am, the FBM KLCI was down 2.21 points to 1,573.17.

Gainers led losers by 514 to 329, while 347 counters traded unchanged. Trading volume was 2.14 billion shares valued at RM1.29 billion.

The top decliners included Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, Public Bank Bhd, Pharmaniaga Bhd, Genting Bhd and British American Tobacco (M) Bhd.

The actively traded stocks included Lambo Group Bhd, Systech Bhd, Fintec Global Bhd, Hubline Bhd, Karex Bhd, XOX Bhd, DGB Asia Bhd, Sapura Energy Bhd and Iris Corp Bhd.

The gainers included Batu Kawan Bhd, Nestle (M) Bhd, Petronas Gas Bhd, UWC Bhd, Hong Leong Financial Group Bhd, Petronas Dagangan Bhd and Fraser & Neave Holdings Bhd.

Bloomberg said Asian stocks climbed Friday after a rise in US technology shares drove the Nasdaq 100 to a record, tempering concern over a bumpy economic recovery.

Treasuries retained overnight gains, it said.

JF Apex Securities Research said US markets advanced overnight with the S&P and Nasdaq hitting record highs following gains in technology counters despite higher jobless claims and the Federal Reserve's concern over the economy.

It said that in Europe, stocks declined after the Fed expressed uncertainty over the economic recovery.

“On the local market, the FBM KLCI shed 2.47 points to 1,575.38 points.

“Following the mixed performances in the US and Europe, the FBM KLCI could remain sideways above the support of 1,550 points,” it said.