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KUALA LUMPUR: The local tech sector shone brightly on a day where investor sentiment was dampened by news that the Chinese economy had grown less than expected in the third quarter, sending regional equities lower.
Bursa Malaysia's technology index bounced off the 14-day simple moving average to rise 1.6% in the morning session, erasing losses from the previous session and renewing hopes of a sustained rally.
Stocks seeing buying interest included MPI climbing 20 sen to RM10.60, KESM jumping 15 sen to RM7.70, Globetronics rising 13 sen to RM2.25 and Unisem rising nine sen to RM2.67.
Kenanga research said in a note it was maintaining its overweight stance on the sector as sales in the regional automotive sector showed signs of recovery.
"Overall, with a turn in the tide for the technology sector, we opine it is time to revisit. Our top pick: MPI (OP; TP: RM12.10)," it said.
At 12.30pm, the FBM KLCI was 3.53 points lower at 1,570.97. Trading volume on the stock exchange was 1.58 billion shares valued at RM872.79mil, There were 344 decliners versus 324 gainers and 363 counters unchanged.
Blue chips on the decline included IHH Healthcare, falling six sen to RM5.68, IOI dropping eight sen to RM4.32 and Sime Darby Plantation sliding six sen to RM4.81.
Bank stocks helped to prop up the FBM KLCI including Maybank up one sen to RM8.53, Public Bank gaining two sen to RM19.30, Hong Leong Bank rising six sen to RM16.90 and RHB climbing two sen to RM5.68.
The most heavily traded counters of the early session were KNM up 1.5 sen to 46 sen, MyEG rising three sen to RM1.28 and MTAG climbing 2.5 sen to 51 sen.
Oil prices were affected by news of the slowing Chinese growth, with WTI falling 10 cents to US$53.82 a barrel and Brent crude dropping 33 cents to US$59.58 a barrel.
In currencies, the ringgit slipped 0.1% against the greenback to 4.1820 and 0.1% against the Singapore dollar to 3.0640. It rose 0.25% against the pound sterling to 5.3718.
KUALA LUMPUR: Local technology players stand to benefit from an improving outlook on automotive sales in Europe and China, says Kenanga research, which reiterated its overweight stance on the sector.
KUALA LUMPUR: The recent tabling of Budget 2020 was not enough to revive confidence in the stock market against the lingering pessimism that could spill over into FY20, says Kenanga research.
PETALING JAYA: Yinson Holdings Bhd’s share price has continued its uptrend following the group’s first Brazil contract win.
LPI Capital’s nine-month financial year 2019 (9M19) profit after tax and minority interest of RM235.8mil came in below estimates due to higher claims incurred.
KUALA LUMPUR: Kenanga research maintained its market perform rating on Malaysia Airlines Holdings Bhd as its 9MFY19 passenger growth of 4.8% came within its forecasts.
KUALA LUMPUR: The FBM KLCI was down in early morning trade as US stock futures plunged in after-hours trading on a report that the Chinese delegation might cut short its meeting in Washington.
KUALA LUMPUR: Kenanga Research is positive on the long-term prospect of the Ann Joo Resources and South Steel joint venture for the long product steel manufacturing business.
Analyst says history shows ‘quite convincingly’ that fourth-quarter returns tend to be positive.
KUALA LUMPUR: Kenanga Research is retaining its Underweight stance on the plantation sector with unchanged 2019 CPO price target of RM2,000 a tonne.