KLCI slightly lower after volatile early session

  • Markets
  • Thursday, 10 Oct 2019

KUALA LUMPUR: Malaysian stocks held their ground on Thursday amid shifting speculation over the outcome of the US-China trade talks that are scheduled to end on Friday.

At 12.30pm, the FBM KLCI held fast to the support level following a volatile session. The index was 1.08 points lower at 1,550.15.

Trading volume on the stock exchange was 1.16 billion shares valued at RM593.05mil. There were 358 decliners versus 262 gainers and 392 counters unchanged.

Top active counters were Netx flat at 1.5 sen, SAPURA ENERGY flat at 26 sen and Eduspec down 0.5 sen at 3.5 sen.

On the KLCI, Petronas Chemicals and IHH Healthcare led declines while bank stocks eked out small gains to offset losses.

MISC gained 10 sen to RM8.08 amid positive analyst reports. Maybank Investment Bank research raised its target price on the counter to RM8.50 from RM7.70 previously amid better earnings prospects for Q4 due to higher petroleum tanker rates

Widad was in the spotlight after it said it has submitted an offer to the government for the purchase of PLUS Expressways concessionaires.

However, the stock's share price showed conservative movement, ticking up one sen to 31.5 sen.

Meanwhile, oil prices subsided as it looked increasingly likely that the US-China trade talks would offer no resolution to the impasse.

US crude was down nine cents to US$52.50 a barrel and Brent crude dropped 11 cents to US$58.21 a barrel.

In currencies, the ringgit was up 0.1% against the greenback to 4.1932 and 0.2% higher against the pound sterling at 5.1271. It fell 0.1% against the Singapore dollar at 3.0416.
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