Maybank, Tenaga lift KLCI to reverse losses

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KUALA LUMPUR (May 3): The FBM KLCI reversed its earlier gains and rose at midday break, lifted by index-linked heavyweights Malayan Banking Bhd and Tenaga Nasional Bhd.

At 12.30pm, the FBM KLCI rose 4.16 points to 1,856.19. The index had earlier fallen to its intra-morning low of 1,847.10.

Losers led gainers by 284 tp 204, while 520 counters traded unchanged. Volume was 936.76 million shares, valued at RM776.76 million.

Top gainers included Nestle (M) Bhd, Padini Holdings Bhd, Dutch Lady Milk Industries Bhd, Petronas Dagangan Bhd, Maybank, Warisan TC Bhd, Lotte Chemical Titan Holding Bhd, Pentamaster Corp Bhd and Petronas Chemicals Group Bhd.

The actives included Sapura Energy Bhd, Sumatec Resources Bhd, Borneo Oil Bhd, UMW Oil & Gas Corp Bhd, CIMB Group Holdings Bhd, PUC Bhd and Hibiscus Petroleum Bhd.

The decliners included Batu Kawan Bhd, Ajinomoto (M) Bhd, Petronas Gas Bhd, Fraser & Neave Holdings Bhd, Ibraco Bhd, Hong Leong Bank Bhd and Hartalega Holdings Bhd.

Asian shares slipped on Thursday as hopes waned for real progress in Sino-U.S. trade talks, while the U.S. dollar consolidated recent bumper gains, after the Federal Reserve reaffirmed outlook for more rate hikes, according to Reuters.

Souring the mood were reports that the Trump administration is considering executive action to restrict some Chinese companies' ability to sell telecoms equipment in the United States, Reuters said.

Affin Hwang Retail Research said stocks in Asia were anticipated to trade on a bearish note today, following a decline in DJIA and S&P500, below their key support levels of 24000 points and 2700 points respectively.

“Strain in business relations between the US and China may worsen, as Trump’s admin is rumoured to be issuing an executive order, restricting Chinese companies from selling telco equipment in the U.S.

“In Bursa Malaysia, stocks are expected to open mixed, with downward bias.

“The FBM KLCI Index is expected to fluctuate in a volatile manner. Accumulate quality stocks for long-term investment,” the research house said.