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Tuesday, May 16, 2017

Market Daily Report: KLCI flat after falling on IHH

KUALA LUMPUR (May 16): The FBM KLCI fell 0.5 point to 1,778.15 points after the index cut losses in the final trading minutes on late buying of Petronas Dagangan Bhd shares.

The KLCI had earlier fallen partly on IHH Healthcare Bhd share losses. At 5pm, Petronas Dagangan rose 34 sen to RM24.40 while IHH fell 25 sen to RM5.92.

Petronas Dagangan was the fourth-largest gainer across Bursa Malaysia while IHH was the fifth-largest decliner.

Bursa Malaysia decliners outpaced gainers at 497 versus 412 respectively. The bourse saw 3.52 billion shares worth RM3.84 billion change hands.

Iskandar Waterfront City Bhd (IWCity) was the most-actively traded with 272.02 million shares transacted. The stock closed 15 sen lower at RM1.98. As Bandar Malaysia-linked stocks like IWCity and Ekovest Bhd hogged the spotlight, analysts, however, said the Malaysian stock market still lacked major catalysts.

Mercury Securities Sdn Bhd head of research Edmund Tham told that economic data such as the Malaysia's first quarter gross domestic product (GDP) numbers might offer investors
notable clues on the stock market's direction.

“There is not any huge catalyst in the stock market. Investors are also waiting for economic data to have a clearer direction, such as the first quarter GDP,” Tham said.

Bank Negara Malaysia will release the first quarter GDP numbers this Friday (May 19). For tomorrow (May 17), the Statistics Department will announce the country's inflation numbers.

Source: The Edge

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