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Friday, April 28, 2017

Market Daily Report: KLCI up 0.14pts, market turns in mixed performance ahead of extended weekend

KUALA LUMPUR (April 28): The FBM KLCI gained marginally today amid mixed sentiments, ahead of the Workers Day weekend and the release of U.S. gross domestic product (GDP) data.
The benchmark index closed 0.14 points higher at 1768.06.

Inter Pacific Securities research head Pong Teng Siew said the mixed performance was due to some profit-taking ahead of the extended weekend, but mitigated by weak U.S. gross development product forecasts, prior to the release of actual data by the Department of Commerce tonight.

The upswing from earlier political development in France and first look of U.S. tax cut plan has also weakened, said Pong, slowing down gains in the U.S. and subsequently the regional markets.

“You get a sense that the momentum from the U.S. market upswing is somewhat weakening, with a mixed picture all over. The upswing reaction, based on very little information other than political data, is not lasting.

“Market is starting to adjust, and is bracing for some disappointment,” he added.
Reuters reported that Asian stocks slipped as investors took profits from the recent rally, ahead of the Labour Day weekend, and the Golden Week Holiday in Japan.

Japan’s Nikkei 225 lost 0.29%, South Korea’s Kospi declined 0.18%, while the Hong Kong Hang Seng Index lost 0.34%.

On the local front, gainers were led by Dutch Lady Milk Industries Bhd, while decliners were led by Scientex Bhd.

There were 544 gainers against 403 losers, with 358 counters closing unchanged. A total of 3.1 billion shares, worth RM2.9 billion, were traded.

Source: The Edge

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