FBM KLCI slips 0.23% at midday; Eurospan tumbles 28%


KUALA LUMPUR: The FBM KLCI ended lower at midday on Wednesday as investor sentiment remains cautious.

The market bellwether slipped 3.32 points, or 0.23% to 1,446.14 at 12.30 pm. The index opened 1.45 points higher at 1,450.91 this morning.

Stocks that fell outnumbered those that rose 382 to 300, with another 445 counters unchanged. A total of 1.5 billion shares changed hands, worth RM784.2mil in all.

Rakuten Trade said despite the recent good corporate earnings showing, sentiment remains cautious in the absence of strong inflows of funds.

“Therefore, we expect the index to maintain its consolidation and oscillate within the 1,445-1,455 for today. Meanwhile, higher US inventory coupled with weakening demand had sent crude oil prices lower with the Brent crude hanging around the US$77/barrel,” it said.

Hong Leong Investment Bank Research said the FBM KLCI may continue its sideways consolidation as investors await more cues of inflation and interest rate data from key regional economies.

“Barring a decisive fall below 1,443 (uptrend line support), the odds would still favour the bulls to resume its ascent in December, in anticipation that the Fed has ended its rate hike cycle and will begin to cut rates in 1H24 and the traditional year-end window dressing effect,” it said.

Additionally, the research house said signs of improvement in foreign net buying and an uptick in November shareholding from an all-time low in October further support its optimism.

Shares in Eurospan tumbled 28.39%, or 44 sen to RM1.11, its lowest since late February 2023. Year-to-date, the counter has fallen about 3.5%.

Nestle slid 50 sen to RM114.50, F&N eased 34 sen to RM27.30, Hong Leong Bank lost 24 sen to RM18.98 and Allianz gave up 18 sen to RM18.14.

Among the gainers, Rapid jumped 70 sen to RM28.70, Carlsberg rose 16 sen to RM19.14, Aurelius Technologies gained 10 sen to RM2.82 and Perstima added 10 sen to RM3.10.

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FBM KLCI , KLCI , Bursa Malaysia

   

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