KLCI, Asian markets track Wall Street losses as Axiata weighs

KUALA LUMPUR: Bursa Malaysia extended its losses early Thursday, weighed down by the overnight losses on Wall Street, with Axiata weighing on the FBM KLCI.

At 9.14am, the KLCI was down 0.49 of a point or 0.03% to 1,657.04. Turnover was 248.43 million shares valued at RM85.67mil. There were 109 gainers, 152 losers and 213 counters unchanged.

Stocks in Asia tracked losses seen in the US session amid a flurry of corporate earnings and lingering concern over the US-China trade dispute. Treasuries retained an advance, Bloomberg reported.

Decline among Japanese shares put the Topix index on course for a fourth day of losses. A drop in South Korean and Australian equities was more modest. Futures on the S&P 500 Index dipped after U.S. shares sank on Wednesday.

On the technical outlook for the KLCI, Kenanga Research said chart-wise, the index was consolidating between 1,650 and 1,700, likely due to the lack of major catalyst within the market. 

“Meanwhile, signals from key momentum indicators continue to appear uninspiring. From here, resistances can be found at 1,700 (R1). A break above should see the index trend higher towards 1,730 (R2). Conversely, downside supports can be identified at 1,650 (S1) and 1,600 (S2),” it said.

Axiata and Yinson fell six sen each to RM5.08 and RM7.08 while Vitrox lost five sen to RM6.83 and Unisem shed four sen to RM2.26.

I-Stone, which was listed on Wednesday, shed one sen to 23.5 sen with 31.73 million shares done. It surged 8.5 sen to 24.5 sen on its trading debut.

KL Kepong advanced 26 sen to RM24.26, Zhulian 17 sen to RM1.61, KLCC 13 sen to RM7.95 while MAHB gained seven sen to RM8.63.

Carlsberg and Heineken rose 10 sen each to RM24.70 and RM23.10.

Petronas Chemical rose six  sen to RM7.98, Huayang five sen to 46 sen and Favco five sen also to RM2.75.
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