FBM KLCI stays flattish as outcomes season picks up steam

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KUALA LUMPUR: The FBM KLCI was almost flat getting into noon as traders have been reluctant to get behind a weak morning rally.

A raft of company earnings outcomes are due over the remaining days of November, setting nerves on edge as many firms are anticipated to have been badly hit by the enterprise shutdown in 3Q.

In the meantime, there was additionally some political anxiousness because the Melaka state election can be determined at its polling day tomorrow.

At 12.30pm, the FBM KLCI was up 1.12 factors to 1,524.91, pushed larger by Press Metal, telcos and financial institution counters.

Press Metallic rose 9 sen to RM5.64, its highest in three weeks because it rebounded on the again of easing power costs.

In telcos, Axiata rose 15 sen to RM3.98, Maxis gained three sen to RM4.50 and Digi was up 9 sen to RM4.26.

Banks additionally superior with Maybank including three sen to RM8.07, Public Financial institution gaining two sen to RM4.07, CIMB rising three sen to RM5.11 and Hong Leong Financial institution placing on six sen to RM18.30.

On the broader market, there was a unfavourable market breadth with 473 decliners versus 352 gainers.

Semiconductor shares have been bolstered by the US Nasdaq’s file efficiency in a single day as chipmaker Nvidia posted robust earnings.

KESM surged 82 sen to RM12.84 whereas MPI climbed 22 sen to RM48.02 and Unisem rose 14 sen to RM4.40.

AirAsia remained within the highlight, with fast turnover of 75.93 million shares making it the second most closely traded inventory. The low-budget airline misplaced seven sen to RM1.06.

Sister airline AirAsia was additionally closely traded with 23.73 million shares exchanging fingers, stayed put at eight sen per share.

PDZ topped probably the most energetic record with 83.88 million shares traded, but additionally stayed at its reference worth of 6.5 sen.

In the meantime, regional markets stayed principally optimistic regardless of a pointy sell-off in Hong Kong following disappointing earnings from China’s e-commerce big Alibaba, which sparked worries over the impression of Beijing’s regulatory crackdown.

Hong Kong’s Cling Seng plunged 1.8% on promoting in tech shares though China’s mainland composite index added 0.3%.

Japan’s Nikkei and South Korea’s Kospi every rose 0.5%. Australia’s ASX200 gained 0.2%.



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