FBM KLCI stays in the red on negative market breadth

KUALA LUMPUR: The local bourse remained in negative territory at midday break today as sentiment stayed tepid.

The FBM KLCI closed down 3.51 points, or 0.24% at 1,442.31. The index earlier slipped to its intra-morning low of 1,441.58.

Market breadth was negative as losers overpowered the gainers on a ratio of 549-to-236 stocks. Traded volumes stood at 1.87 billion shares worth RM1bil.

Hextar Technologies, the top loser on Bursa Malaysia fell 46 sen to RM21.82.

PETRONAS Dagangan fell 34 sen to RM22.12, Malaysian Pacific Industries lost 32 sen to RM26.38 and United Plantations declined 28 sen to RM16.58.

Among the gainers, Nestle surged RM1.10 to RM115.40, Heineken added 42 sen to RM21.52, Genting Plantations rose 29 sen to RM5.70 and Ajinomoto gained 26 sen to RM16.32.

Rakuten Trade reckoned bargain hunting activities to emerge anytime soon as the decline of the local bourse has been broad-based.

“We believe interest may return to the construction and financial stocks after the recent selling activities thus expect the index to trend within the 1,445-1,455 range today,” it added.

Malacca Securities expects some buying interest may emerge on the local equities in view of Nvidia’s boss Jensen Huang to make his maiden visit to Malaysia.

“There also could be data centre-related talks which may provide upside

opportunities for the YTL-related counters.

“On the commodity markets, the Brent oil prices tanked another 3.65% to trade around US$74 per barrel as larger-than-expected rise in US gasoline inventories extended worries on fuel demand,” it said.

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Bursa Malaysia , FMM KLCI , KLCI


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