Investors stay cautious, await selling to end

KUALA LUMPUR: Blue chips extended their losses after the midday break on Tuesday, July 12, with the key FBM KLCI below 1,580 as investors stayed cautious, mirroring the declines of key regional markets.

At 2.36pm, the KLCI was down 8.61 points to 1,579.97. Turnover was 346.80 million shares valued at RM589.41 million. Losers beat gainers nearly three to one with 452 decliners to 136 advancers.

However, the trading volume was not very heavy, especially for the top losers which reflected some resilience in the market.

Analysts said the expected pullbacks should bring out some buying opportunities, especially key stocks with strong fundamentals.

Oil and gas would continue to draw attention, especially with the Kencana and SapuraCrest Petroleum merger.

DiGi fell the most, down 34 sen to RM29.54 but with 74.400 shares done. PPB fell 26 sen to RM17.42 and KLK 16 sen to RM22.64 on weaker crude palm oil future prices ahead.

MISC fell 20 sen to RM7.59 and MMHE 19 sen to RM8.26 while HLFG declined 18 sen to RM13.32.

Kencana was among the top performers, up 13 sen to RM2.93. CI Holdings rose the most, adding 19 sen to RM3.70.