KLCI stays in the red, Petronas-linked stocks weigh

noon_market_flat_theedgemarkets

-A +A

KUALA LUMPUR (July 23): The FBM KLCI remained in negative territory at the midday break today, weighed by blue chips, including Petronas-linked stocks.

At 12.30pm, the FBM KLCI shed 0.32 points to 1,729.21.

Gainers led losers by 355 to 329, while 305 counters traded unchanged. Volume was 930.34 million shares, valued at RM730.89 million.

The top losers included Hong Leong Financial Group Bhd, Petronas Gas Bhd, Bintulu Port Holdings Bhd, Lay Hong Bhd, Petronas Dagangan Bhd, Petronas Chemicals Group Bhd, Globetronics Technology Bhd and Malaysia Airports Holdings Bhd.

The actively-traded stocks included Datasonic Group Bhd, Perwaja Holdings Bhd, APFT Bhd and Kinsteel Bhd.

The top gainers included United Plantations Bhd, British American Tobacco (M) Bhd, Apex Equity Holdings Bhd, Taliworks Corporation Bhd, Latitude Tree Holdings Bhd, IQ Group Bhd and Only World Group Holdings Bhd.

Asian shares dipped on Thursday, following Wall Street's decline overnight and lacklustre regional data, while the greenback consolidated gains on the back of upbeat U.S. economic news, according to Reuters.

South Korea's economy recorded its weakest expansion in six years in the second quarter, battered by a deadly virus outbreak and poor exports, while Japan reported strengthening export growth in June, but remained concerned about how shipments to China might be affected by its slowing economy, it said.

BIMB Securities Research said Asia markets were generally lower yesterday, following poorer-than-expected performance in US and Eurozone.

It said Japan’s Nikkei ended its winning streak, closed 1.2% lower on Wall Street losses and resignation news of Toshiba CEO.

“Locally, the FBM KLCI ended the day 6.66 points lower at 1,729.53, dragged down by plantation heavyweights like KLK and Sime Darby.

“Foreign investors continue to be net seller yesterday at RM184 million, bringing the net outflow for the week to RM401 million.

“FBM KLCI [is] likely to remain lacklustre, with immediate resistance at 1,735,” it said.