KLCI pares gains as losers outpace gainers

  • Markets
  • Wednesday, 12 Sep 2018

KUALA LUMPUR: The benchmark FBM KLCI pared early gains to settle in the negative territory on Wednesday following a long weekend on lack of buying momentum amid mixed performance on regional peers.

At 5pm, the 30-stock index closed 13.92 points, or 0.77% lower at 1,785.25. The index opened 11.02 points higher at 1,810.19 this morning. 

The broader market displayed its weakness as decliners thumped advancers by wide margin, with 896 losers to 166 gainers and 277 counters unchanged. Volume stood at to 2.23 billion units, valued at RM2.8bil.

In today’s session, 20 of the KLCI-component stocks closed lower while eight counters chalked up gains and two counters closed unchanged.

Dealers said the broadening trade war between US and China and the economic outlook continued to dent sentiments with investors. 

On Bursa Malaysia, consumers stocks dominate the list of decliners. Ajinomoto shed 70 sen to RM21.12, Dutch Lady fell 52 sen to RM65, Aeon Credit declined 50 sen to RM15.20 while Top Glove lost 32 sen to RM10.52. Nestle fell 30 sen to RM146.50.

Among the banks, Maybank declined nine sen to RM9.80, Public Bank lost eight sen to RM24.92, CIMB shed two sen to RM5.90 and Hong Leong Bank fell two sen to 20.26.

Elsewhere in the region, China stocks extended its slump while Shanghai at lowest close since Jan 2016, Reuters reporter.  

The Shanghai Composite index ended 0.3% lower at 2,656.11, its weakest close since Jan. 28, 2016. The blue-chip CSI300 index ended 0.7% lower at 3,202.02, its lowest close since Aug. 4, 2016.

In Hong Kong, Hang Seng index fell 0.3%, to 26,345.04, while the China Enterprises Index lost 0.9%, to 10,238.77 points.

Japan’s Nikkei 225 ended 0.27% to 22,604.61 while South Korea’s Kospi fell 0.01% to 2,282.92 points. 

Meanwhile, oil extends gain as shrinking crude inventories and slowing production growth in the US raises supply fears.

West Texas Intermediate (WTI) crude were at US$69.70 a barrel, up 45 cents. International benchmark Brent crude oil prices were trading at US$79.01 per barrel, down five cents.

Markets , KLCI , Bursa Malaysia