FBM KLCI lags behind regional markets

KUALA LUMPUR: Malaysia's FBM KLCI lagged behind key regional markets in absence of re-rating catalysts though the broader market was firmer with mild buying interest in small caps and lower liners. At 5pm, the KLCI was up 0.12% or 1.85 points to 1,603.12 after dipping in the red zone temporarily. Turnover was 1.348 billion shares valued at RM1.656 billion. Gainers led losers 400 to 325 while 355 counters were unchanged.

Among the key regional markets, Hong Kong's Hang Seng Index added 1.84% to 20,701.04, Japan's Nikkei 225 climbed 1.19% to 9,637.99, Singapore Straits Times Index 0.44% to 2,991.14 and the Shanghai Composite 0.35% to 2,359.16.

Nymex crude oil fell more than 0.60% to US$103.01 while spot gold slipped 0.35% to US$1,669.90. The ringgit strengthened against the dollar at 3.0573 as well as against the euro at 4.0212.

Crude palm oil for third month delivery fell Rm43 to RM3,517 per tonne.

At Bursa Malaysia, market sentiment was generally lacklustre in the absence of strong corporate news to attract investors.

With the weekend ahead, there was profit taking seen in counters which had run up over the past week including Tradewinds Plantations and SMPC.

According to a Bloomberg report, Great Eastern Life Assurance (Malaysia) Bhd cautioned investors to stay “defensive” on Malaysian equities as the country's upcoming general election creates risk for the FBM KLCI.

At Bursa Malaysia, Tenaga's 10 sen gain to RM6.61 pushed the KLCI up 1.28 points while UMW's 11 sen gain to RM7.53 nudged the index up by 0.30 of a point.

Finance stocks were mostly higher with HLFG adding 14 sen to RM12.44, Public Bank two sen to RM13.74 but CIMB shed two sen to RM7.69.

Hibiscus was among highly traded stocks, posting a gain of 41 sen to RM2.10 with a trading volume of 283.6 million shares. Its warrants were the most active with 107.81 million units done, up eight sen to RM1.18. SAM Engineering was the top gainer, up 62 sen to RM2.69 with 49,900 shares done. UMW and Can-One added 11 sen each to RM7.53 and RM1.88.

Country View was the top loser, plunging 31 sen to 73 sen with 31,400 units done. Tradewinds Plantation fell 21 sen to RM5.69 and SMPC 20 sen to RM1.28.