business
KLCI dips 0.45% as regional markets pull back from highs
The FBM KLCI dipped 0.45% at the midday break today as regional markets fell, with Petronas-linked stocks among the top losers.
At 12.30pm, the local index was down 7.59 points to 1,680.27.
Losers led gainers by 320 to 312, while 323 counters traded unchanged. Volume was 971.89 million shares, valued at RM753.79 million.
The top losers included British American Tobacco (M) Bhd, Huat Lai Resources Bhd, Petronas Gas Bhd, Petronas Chemicals Group Bhd, Public Bank Bhd, Malayan Banking Bhd, Genting Pantations Bhd, UMW Holdings Bhd, Maxis Bhd and Lay Hong Bhd.
The actively-traded stocks included AirAsia X Bhd, AirAsia Bhd, Berjaya Auto Bhd, XOX Bhd, EKA Noodles Bhd, Borneo Oil Bhd, Chin Hin Group Bhd and Red Sena Bhd.
The gainers included Panasonic Malaysia Manufacturing Bhd, Top Glove Corporation Bhd, Kossan Rubber Industries Bhd. Karex Bhd, Carlsberg Brewery (M) Holdings Bhd, SAM Engineering & Equipment Bhd, SCGM Bhd, IJM Plantations and Guiness Anchor Bhd.
Sharp losses in Chinese stocks pulled Asian equities further away from two-month highs on Wednesday, as weak trade figures from the world's second-biggest economy and a retreat in oil prices, revived concerns about global growth, according to Reuters.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6%, down 1.7% from its two-month high hit on Monday. Japan's Nikkei tumbled 1.6% to a one-week low in morning trade, it said.
BIMB Securities Research said that in Asia, key indices ended mostly negative yesterday, as investors digested weaker-than-expected trade data from China.
It said back home, the FBM KLCI ended marginally lower, losing 10.07 points or 0.59% to 1,687.86, in line with its regional peers.
“Trading participation saw net selling by local institutions, while local retail and foreign institutions were net buyers.
“We expect the local market to remain negative today due to negative global sentiment, following weak China economic data, with immediate support at 1,675, followed by 1,660,” it said. – The Edge Markets, March 9, 2016.
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