Categories: MarketsNews

KL shares remain in the red at midday

KUALA LUMPUR • Shares on Bursa Malaysia were in the red across the board at midday, resulting in the key index declining by 0.74%, tracking the downtrend among regional peers.

A dealer said the market was jittery as the US equities continued to slide amid heightened concerns over an interest-rate hike by the US Federal Reserve as the US 10-year yield edged higher to 3.06%, which influenced the global stock markets.

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) erased 11.01 points to 1,471.56 from yesterday’s closing of 1,482.57. 

The benchmark index opened 1.53 points easier at 1,484.10, subsequently moving between 1,468.36 and 1,487.97 throughout the morning trading session.

On the broader market, losers surpassed gainers 479 to 274, while 371 counters were unchanged, 1,208 untraded and seven others suspended.

Turnover stood at 1.76 billion units worth RM827.93 million.

In a note, Malacca Securities Sdn Bhd said that despite the shaky sentiment, bargain-hunting may emerge in the broader market, especially for companies with solid earnings growth.

“Meanwhile, crude oil rebounded to above US$100 (RM450) after the OPEC indicated a potential output reduction to correct the recent price drop,” it said.

The brokerage noted that the energy sector should continue to trend higher following the surge in the crude oil price, and the plantation sector may see some buying interest as the crude palm oil price is showing signs of rebounding, currently hovering above RM4,200 per tonne.

“We retain our positive stance on the consumer, real estate investment trust, and banking sectors,” it said.

Meanwhile, losses in the Composite Index were led by Sime Darby Plantation Bhd which fell by 19 sen to RM4.21 and IHH Healthcare Bhd which reduced by 14 sen to RM6.20, while Axiata Group Bhd fell by nine sen to 2.96 and IOI Corp Bhd declined by 13 sen to RM4.06.

As for other heavyweights, both Malayan Banking Bhd and Public Bank Bhd shed one sen to RM8.82 and RM4.59 respectively, and Petronas Chemicals Group Bhd lost 10 sen to RM8.46, while CIMB Group Holdings Bhd gained 10 sen to RM5.38.

Of the actives, Euro Holdings Bhd and Green Packet erased half-a-sen to 12.5 sen and five sen respectively, and Serba Dinamik Holdings Bhd declined by three sen to five sen, while Techna-X Bhd and Metronic Global Bhd were unchanged at 3.5 sen and six sen respectively.  

On the index board, the FBM Emas Index slid 61.47 points to 10,471.48, the FBM T100 Index slipped 63.18 points to 10,214.35, the FBM Emas Shariah Index fell 107.28 points to 10,541.34 and the FBM 70 dipped 24.62 points to 12,607.25, while the FBM ACE gained 9.04 points to 4,900.84.

Sector-wise, the Financial Services Index accumulated 16.45 points to 16,555.04, while the Plantation Index declined 115.78 points to 6,944.07, the Energy Index went down 2.90 points to 709.98 and the Industrial Products and Services Index eased 0.49 of-a-point to 179.93. — Bernama / pic Muhd Amin Naharul

Zukri

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