KLCI stays in negative zone on lack of fresh catalysts


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KUALA LUMPUR (June 4): The FBM KLCI remained in negattive territory at the midday break today, as lack of fresh of catalysts kept investors on the sideline.

At 12.30pm, the FBM KLCI was down 2.69 points to 1,746.48. The index had earlier dipped to its intra-morning low of 1,739.92.

Market sentiment appeared to turn negative with lowers overtaking gainers by 359 to 316, while 303 counters traded unchanged. Volume was 644.50 million shares valued at RM694.26 million.

The top losers included DanaInfra Nasional Bhd, Far East Corporation Bhd, British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Panasonic Manufacturing Malaysia Bhd, MISC Bhd, PPB Group Bhd, Petronas Dagangan Bhd and Globetronics Technology Bhd.

The actively traded counters included Kinsteel Bhd, Connectcounty Holdings Bhd, Pasukhas Group Bhd, KNM Group Bhd, Bumi Armada Bhd and APFT Bhd.

The top gainers included United Plantations Bhd, Cycle & Carriage Bintang Bhd, Syarikat Takaful Malaysia Bhd, Hong Leong Financial Group Bhd, Top Glove Corporation Bhd, Kossan Industries Bhd, Kuala Lumpur Kepong Bhd and Genting Bhd.

The euro continued riding high on Thursday thanks to a spike in euro zone debt yields, while in Asian equities Chinese shares slid and tempered risk sentiment, according to Reuters.

China's CSI300 index lost 1.7% while the Shanghai Composite Index dropped 1.8%. The country's equities have sagged recently on concern that waves of new share offerings will sap liquidity in other stocks, it said.

BIMB Securities Research said that in Asia, key indexes closed mixed yesterday with profit taking on Japanese stocks while Hong Kong stocks enjoyed robust gains after data showing an improvement in the Chinese services sector.

“Locally, the FBM KLCI closed 0.45% higher to 1,749.17 due to bargain hunting.

“Trading participation saw net selling by foreign institutions while local institutions and retail were net buyers.

“We reckon the local market to remain weak due in the near term to continuous selling by foreign institutions and lack of fresh catalysts with the index to hover around 1,745–50,” it said.