KLCI claws into positive territory as Tenaga lifts


(Aug 3): The FBM KLCI clawed into positive territory at the midday break today, lifted by gains at Tenaga Nasional Bhd and other select blue chips.

At 12.30pm, the FBM KLCI was up 0.27 points to 1,778.40. The index had earlier slipped to a low of 1,773.89.

Gainers edged losers by 271 to 247, while 539 counters traded unchanged. Volume was 960.96 million shares valued at RM685.97 million.

The top gainers included United Plantations Bhd, Hong Leong Financial Group Bhd, Petronas Gas Bhd, Amway (M) Holdings Bhd, Tenaga, Airports Holdings Bhd, BLD Plantation Bhd, PMB Technology Bhd and Scientex Bhd.

The actives included Iris Corp Bhd, My E.G. Services Bhd, Sapura Energy Bhd, NetX Holdings Bhd and Radiant Globaltech Bhd.

The decliners included Lingkaran Trans Kota Holdings Bhd, Hong Leong Bank Bhd, Rapid Synergy Bhd, Bhd, Telekom Malaysia Bhd, Malaysian Industries Bhd, Aeon Credit Service (M) Bhd, Kuala Lumpur Bhd and (M) Bhd.

Asian stocks inched up on Friday following a tech-led rise on , although the latest exchange of trade threats between Beijing and Washington capped gains and drove safe-haven flows to the , which hovered near a two-week high, according to Reuters.

Investors also remain cautious ahead of the July US jobs report due later on Friday, which will give a reading on the health of the world’s largest economy and possible clues about the pace of Federal Reserve interest rate rises, it said.

Kenanga IB Research said Asian markets were in the red yesterday with major sell-down across the region as investors are worried over the ongoing trade war.

It said the FBM KLCI dropped 10.18 points or 0.57% to end at 1,778.13 with the broader market sentiment also in the negative zone.

“Stochastic indicators had been in the overbought territory without any correction over the past two weeks.

“Coupled with negative news flow from the trade war development, we think that a retracement is due soon.

“Expect further sell-down that may see the index fall to its support levels at 1,750 (S1) and 1,720 (S2),” it said.

Source: The Edge

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