KLCI rebound hopes fizzle on Brexit woes

  • Markets
  • Wednesday, 23 Oct 2019

KUALA LUMPUR: A broad-based retreat rattled the local market on Wednesday, tracking Wall Street's negative performance overnight on a further delay to the Brexit timetable and a negative report from a bellwether stock.

At 12.30pm, the FBM KLCI was down 9.17 points to 1,564.92. Trading volume was 1.51 billion shares valued at RM815.66mil. There were 390 decliners versus 284 gainers and 381 counters unchanged.

A positive start to the US corporate earnings season had been keeping global equities on an upbeat mood even as progress in the US-China trade talks underlined the bullish sentiment.

However, a revenue warning from tech bellwhether Texas Instruments resulted in a decline in the shares of global chipmakers, triggering profit-taking in markets.

On the FBM KLCI, 25 counters slipped into the red, derailing the rebound that analysts had hoped would lead to a stronger recovery.

Tenaga Nasional was down 18 sen to RM13.62, while Public Bank fell 20 sen to RM19.10 and Petronas Gas slid 16 sen to RM16.64.

MISC stood out as the sole gainer on the index, rising 13 sen to RM8.38.

On the broader market, Bumi Armada topped the most actively traded list, rebounding three sen to 43 sen and recovering some losses after yesterday's deep plunge.

Velesto was up 2.5 sen to 35.5 sen and SAPURA ENERGY rose one sen to 27 sen.

MPI was one of the leading gainers of the morning session, jumping 42 sen to RM11.30. DRH-Hicom climbed 10 sen to RM2.56 and Tasco picked up seven sen to RM1.19.

Oil slipped on Wednesday on a bigger-than-expected build up in US stockpiles. US crude dropped 40 cents to US$54.09 a barrel and Brent crude fell 25 cents to US$59.45 a barrel.

In currencies, the ringgit was 0.1% lower against the greenback at 4.1925. It was flat against the pound sterling at 5.3911 and unchanged against the Singapore dollar at 3.0735.

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