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Monday, July 10, 2017

Market Daily Report: KLCI down despite world market optimism

KUALA LUMPUR (July 10): The FBM KLCI fell 2.8 points or 0.2% despite optimism in global markets as investors sold KLCI-linked stocks like Petronas Chemicals Group Bhd and Genting Bhd.
Analysts said investors at Bursa Malaysia appeared to be emphasising individual stocks instead of sectors.

“It’s been very quiet and it seems that investors are focusing on individual stocks rather than particular sectors," Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew said.

At 5pm, the KLCI closed at 1,757.13 points. Petronas Chemicals dropped 20 sen to RM6.89 while Genting Bhd fell 16 sen to RM9.03.
Petronas Chemicals and Genting Bhd were Bursa Malaysia's sixth and eighth-largest decliners respectively.

Across Bursa Malaysia, 1.67 billion shares worth RM1.52 billion were traded. There were 556 decliners and 294 gainers.

The most-actively traded stock was newly-listed Advancecon Holdings Bhd with some 132 million shares traded. The stock added 21.5 sen to close at 84.5 sen .

Malaysian shares fell despite global share gains. Japan’s Nikkei 225 gained 0.76% while Hong Kong’s Hang Seng climbed 0.63%.

Reuters reported that world stock markets rallied on Monday and the US dollar hit a two-month high against the yen as the latest US jobs data gave investors greater confidence in the strength of the economy.

Source: The Edge

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