KUALA LUMPUR (July 31): The FBM KLCI pared some of its losses at mid-morning today but looked poised to end the session in the red as regional markets remained weak.
At 10am, the FBM KLCI was down 2.49 points to 1,767.77. The index had earlier slipped to a low of 1,764.21.
Losers led gainers by 307 to 188, while 322 counters traded unchanged. Volume was 694.73 million shares valued at RM259.93 million.
The top losers included British American Tobacco (M) Bhd, PPB Group Bhd, Lafarge Malaysia Bhd, KESM Industries Bhd, Cahya Mata Sarawak Bhd, New Hoong Fatt Holdings Bhd, Hap Seng Consolidated Bhd, Kwantas Corporation Bhd and Serba Dinamik Holdings Bhd.
The actives included Vivocom International Holdings Bhd, XOX Bhd, Salcon Bhd, UCrest Bhd, Puncak Niaga Holdings Bhd, Iris Corp Bhd, Priceworth International Bhd, Barakah Offshore Petroleum Bhd and My E.G. Services Bhd.
The gainers included Nestle (M) Bhd, Analabs Resources Bhd, Hengyuan Refining Company Bhd, Hap Seng Plantations Bhd, Ajinomoto (M) Bhd, Heineken Malaysia Bhd, Malaysian Pacific Industries Bhd, Kumpulan Fima Bhd, Petronas Gas Bhd and Power Root Bhd.
Asian share markets weakened on Tuesday, taking cues from the rout in global technology shares while the yen edged higher ahead of the Bank of Japan’s rate review, at which it could flag a shift away from its massive monetary stimulus, according to Reuters.
Japan’s Nikkei fell 0.5%. South Korea’s Kospi index dipped 0.1% despite solid second-quarter results from Samsung Electronics which posted a 5.7% rise in profit, it said.
Hong Leong IB Research in a traders’ brief said on Wall Street, trade development amongst the US and its trading partners remains a concern as Canada, the European Union, Japan, Mexico and South Korea will meet next week to discuss a response to threats made by President Donald Trump about slapping tariffs on US auto imports, this could eventually limit the upside of the stock markets over the near term.
“On the local front, despite the last minute buying support on the FBM KLCI, we see minimal fresh positive catalysts to lift the broader sentiment. Also, investors may stay wary ahead of the August reporting month as market consensus is anticipating softer 2Q earnings overall.
“Nevertheless, market could be focusing on the upcoming developments on the two-day visit (July 31-Aug 1) by China’s Foreign Minister to Malaysia,” it said.
Source: The Edge