Lacklustre start for Bursa as bearish sentiment still intact

  • Markets
  • Friday, 09 Aug 2019

KUALA LUMPUR: Blue chips were treading water early Friday in the absence of strong buying catalysts ahead of the long weekend despite the firmer key Asian markets.

At 9.15am, the KLCI was down 2.06 points or 0.13% to 1,613.96. Turnover was 173.66 million shares valued at RM85.03mil. There were 205 gainers, 86 losers and 179 counters unchanged.

Asian shares pushed higher as positive sentiment from a strong session on Wall Street outweighed a resurfacing of trade tensions. Treasury yields slipped and the yen ticked higher, Bloomberg reported.

Stocks rose in Tokyo, Seoul and Sydney even as Bloomberg reported the White House is holding off on a decision about licences for US companies to restart business with Huawei Technologies Co. after Beijing said it was halting purchases of US farming goods. US futures had sold off on the news but pared the worst of the losses as trading got underway in Asia.

Meanwhile, on the technical outlook for the KLCI, Kenanga Research said the bearish sentiment still remains intact in tandem with uninspiring key technical indicators.

“Key support levels can be found at 1,600 (S1) and 1,570 (S2) should the index trend lower. Conversely, overhead resistance levels can be seen at 1,630 (R1) and 1,650 (R2),” it said.

F&N fell 40 sen to RM34.46, Petronas Dagangan 30 sen to RM23.08, HL Bank 12 sen to RM17.50 and Axiata six sen to RM4.94 with 100 shares done for each counter.

As for plantations, KL Kepong fell 26 sen to RM23.42, Genting Plantations 20 sen to RM9.40, Sime Plantation 11 sen to RM4.59 and IOI Corp five sen lower at RM4.23 with 100 shares done for each counter also.

Khee San fell three sen to 22 sen in active trade after it received a writ of summons and statement of claim from Bank Of China (Malaysia) Bhd's lawyer over a loan totalling RM14.62mil and also interest.

Nestle was the top gainer, up 30 sen to RM148.60 with 700 shares done, Ajinomoto and BAT 10 sen each to RM17.50 and RM22.60.

Insurers Allianz added 26 sen to RM13.98 and Takaful 15 sen to RM6.25.

Public Bank gained 10 sen to RM21.52.

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catalysts , Asian markets , Huawei


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