KLCI holds steady amid downward pressure on Asian markets

KUALA LUMPUR: The FBM KLCI held steady in Wednesday’s morning session after data showed better-than-expected exports in July, helped by higher shipments of manufactured products and mining goods, according to Reuters.

Asian markets have been facing downward pressure as they tracked Wall Street’s overnight slide amid continued US-North Korean tensions.

At 12.30pm, the KLCI was marginally higher by 0.63 points or 0.04% to 1,770.26. Turnover increased to 1.15 billion shares valued at RM632.55mil. The broader market was weaker with decliners beating advancers 330 to 262, and 473 stocks unchanged.

Over at the KLCI, Maybank rose five sen to RM9.47, AMMB rose three sen to RM4.32 while RHB rose one sen to RM5.06. Public Bank declined two sen to RM20.58, CIMB fell one sen to RM6.75 and Hong Leong Bank dropped eight sen to RM15.38.

Plantation heavyweight Sime Darby rose one sen to RM9.01, IOI Corp fell one sen to RM4.52 while Kuala Lumpur Kepong shaved two sen to RM24.54.

In telcos, Maxis gained two sen to RM5.75, Digi rose three sen to RM4.85 and Axiata fell six sen to RM4.99. Telekom Malaysia rose two sen to RM6.38

As for petroleum, Petronas Chemicals rose nine sen to RM7.39, Petronas Dagangan fell 14 sen to RM24.56 and Petronas Gas was unchanged at RM18.38.

Energy major Tenaga Nasional rose four sen to RM14.42.

Nestle topped the list of gainers, rising 58 sen to RM84.68. However, Ajinomoto Malaysia continued its losing streak, shaving off RM1.60 to RM18.38.

Oil prices remained subdued on Wednesday owing to refinery closures following Hurricane Harvey in US Gulf coast. WTI Crude fell 11 cents to US$48.55 per barrel while Brent Crude fell 22 cents to US$53.16.

Spot gold fell US$2.11 to US$1,337.60 per troy ounce after touching its highest level since September 2016 in the previous session on the back of heightened geopolitical risks over North Korea and concerns about low inflation in the US that could delay another rate hike.

Source: The Star Online

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