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Wednesday, April 19, 2017

Market Daily Report: KLCI cuts losses on Genting as external factors affect sentiment

KUALA LUMPUR (April 19): The FBM KLCI fell 1.65 points or 0.1%
on external news flow, which included the overnight drop in US stocks besides Syria and North Korea-related geopolitical factors.

At 5pm, the KLCI closed at 1,738.95 points after falling to its intraday low at 1,735.73 points. The KLCI cut losses as investors bargain hunted for Genting Bhd shares.

Genting shares rose 21 sen to RM9.70 to become Bursa Malaysia's sixth-largest gainer. In overnight US share trades, the Dow Jones Industrial Average dropped 0.55%  S&P 500 declined 0.29% while the Nasdaq Composite was 0.12% lower.

Reuters reported that the S&P 500 fell for the fourth time in five sessions on Tuesday, weighed down by a drop in Goldman Sachs and Johnson & Johnson following their quarterly results, while geopolitical tensions added to investor caution.

In Malaysia, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told that share trade sentiment was affected mainly by global news flow.

“Overnight lacklustre US corporate earnings, geopolitical risk in Syria and North Korea and the June UK election are factors that created uncertainties and clouded market sentiment today,” Wong said.

Bursa Malaysia saw 2.85 billion shares worth RM2.19 billion traded. There were 258 gainers versus 661 decliners.

Top decliner was Petronas Gas Bhd shares, which fell 60 sen to RM18.70.

Source: The Edge

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