KLCI stays in the red as sentiment remains weak

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KUALA LUMPUR (Aug 3): The FBM KLCI pared down some of its losses at midday today but the local index remained in the red as sentiment stayed weak.

At 12.30pm, the FBM KLCI was down 1.53 points to 1,721.61.

Losers outpaced gainers by 369 to 290, while 305 counters traded unchanged. Volume was 747.09 million shares valued at RM523.49 million.

The top losers included British American Tobacco (M) Bhd, Kuala Lumpur Kepong Bhd, TAHPS Group Bhd, Oriental Holdings Bhd, Genting Plantations Bhd, C.I. Holdings Bhd, Tasek Corporation Bhd, Warisan TC Bhd, Panasonic Manufacturing Malaysia Bhd, Malaysian Pacific Industries Bhd and Dayang Enterprise Holdings Bhd.

The actively traded stocks included iDimension Consolidated Bhd, APFT Bhd, JCY International Bhd, The Media Shoppe Bhd, Supermax Corporation Bhd, Takaso Resources Bhd, Tiger Synergy Bhd and Ikhmas Jaya Group Bhd.

The gainers included Hong Leong Industries Bhd, Petronas Gas Bhd, Petronas Dagangan Bhd, SAM Engineering & Equipment Bhd, Ibraco Bhd, Westports Holdings Bhd and Lafarge Malaysia Bhd.

An index of Asian shares outside Japan fell close to this year's lows thanks to a deepening sell-off in commodities and concerns over slowing growth in China, while the dollar held its ground against a basket of currencies, according to Reuters.

China's factory activity shrank more than initially estimated in July, contracting the most in two years as new orders fell, according to a private survey that dashed hopes that the economy may be steadying, said Reuters.

BIMB Securities Research said European stock indexes notched gains last Friday after the release of inflation figures for the eurozone that may help the ECB chart its next move.

It said the FBM KLCI, up 23.22 points or 1.37% to 1,723.14, saw improved buying quality with 1.67 billion shares done valued at RM2.01 billion.

“We expect the local market to remain weak in the near future due to negative sentiment all over the world with immediate support at 1,715 followed by the critical 1,700,” it said.