KUALA LUMPUR: Hong Leong Bank, Public Bank and Tenaga Nasional fell in early Thursday, tracking the cautious key Asian markets as the US government’s trade war threats were harming global markets.
At 9.45am, the KLCI was down 0.87 point or 0.05% to 1,665.21. Turnover was 266.60 million shares valued at RM144.30mil. There were 138 gainers, 248 losers and 244 counters unchanged.
Reuters reported Asian stocks slumped to nine-month lows on Thursday on growing worries the US administration's approach to trade is harming global economic growth even as it appeared to be modifying its approach to curb Chinese investments in US technology firms.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.25% to a nine-month low in early trade while Japan's Nikkei shed 0.30%.
The US S&P 500 lost 0.60% on Wednesday to one-month closing low.
Meanwhile, Kenanga Research said that technically, the KLCI was not displaying any sign of recovery.
“Trend lines are highly negative with key SMAs in a ‘Death Cross’ condition, while the MACD had formed a bearish crossover.
“The index is likely to fall even lower to 1,615 (S1) as no positive catalyst at the moment that can excite the market. Should a positive turnaround occur, we may see investors coming back in and the index may head back up to 1,720 (R1) and possibly 1,760 (R2),” it said.
Hong Leong Bank fell 16 sen to RM18.04 and Public Bank was down 12 sen to RM22.95 while Tenaga lost 14 sen to RM13.68. KL Kepong lost 16 sen to RM23.94.
Carlsberg was the top loser, down 34 sen to RM19.24 while Ajinomoto and Nestle were 20 sen lower at RM21.80 and RM147.20. BAT rose 44 sen to RM33.98 and F&N advanced 16 sen to RM39.
Maybank rose 16 sen to RM8.84 and RHB Bank seven sen to RM5.52.
As for semi-con and tech related stocks, Mi Equipment rose 11 sen to RM1.93 and SAM Engineering seven sen to RM7.56.
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