KUALA LUMPUR (Aug 13): The FBM KLCI skidded 0.95% at mid-morning today and dropped to below the 1,800-point level, tracking the weaker regional markets.
At 10am, the FBM KLCI lost 17.01 points to 1,788.74.
Losers led gainers by 520 to 129, while 252 counters traded unchanged. Volume was 531.73 million shares valued at RM313.46 million.
The top losers included United Plantations Bhd, Nestle (M) Bhd, Tenaga Nasional Bhd, British American Tobacco (M) Bhd, Petronas Gas Bhd, Westports Holdings Bhd, IHH Healthcare Bhd, Fraser & Neave Holdings Bhd, KESM Industries Bhd and Carlsberg Brewery Malaysia Bhd.
The actives included Borneo Oil Bhd, FoundPac Group Bhd, Malaysian Resources Corp Bhd and Nova MSC Bhd.
The gainers included SAM Engineering & Equipment (M) Bhd as well as Malaysia-listed Hang Seng Index-linked put warrants.
Asia share markets slipped and the euro hit one-year lows on Monday as a fresh fall in the Turkish lira fuelled demand for safe havens, including the US dollar, Swiss franc and yen, according to Reuters.
Japan’s Nikkei lost 0.95% and MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3% as bourses across the region turned red, it said.
Hong Leong IB Research in a traders’ brief said on Wall Street, it expects further consolidation following the heightened trade and geopolitical tensions between the US and other countries.
“Moreover, should there be any confirmed retaliation measure by the China this month, we anticipate global markets to trade on a negative bias mode.
“Hence, upside of Wall Street May be limited near the 25,500-26,000.
“Tracking the negative undertone in the US and we think selling interest may emerge on the overbought equities on Bursa Malaysia after the KLCI rebounded from 1,650 to above the 1,800 level without a significant retracement, coupled with the uncertain August reporting season, capping the key index’s upside near the 1,810 level,” it said.
Source: The Edge