Thursday 08 Jun 2023
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KUALA LUMPUR (Nov 16): The FBM KLCI declined for its fourth consecutive day and fell 0.18% today, in line with the weaker sentiments shadowing global markets as investors slip into a cautious mode following the massacre in Paris, France, over the weekend.

The benchmark index fell 2.91 points or 0.18% to close at 1,656.00 points, after falling as much as 14.62 points or 0.88% earlier to touch an intraday low of 1,644.29.

MIDF Research head Zulkifli Hamzah said the local market's decline today was due to the Paris attacks last week, which resulted in the steep fall earlier in the day.

"The market was off double-digit earlier today as it was perturbed by the Paris attacks late last week. However, the initial knee-jerk downward market reaction was moderated by sustained buying support throughout the day," he said.

Going forward, Zulkifli said MIDF expects the KLCI to remain listless in the near term, with immediate resistance at 1,670 points and support level at 1,650 points.

Across the board, 1.92 billion shares worth RM1.7 billion were exchanged. Decliners beat gainers at 597 against 347, while 308 counters remained unchanged.

Leading the decliners were DanaInfra Nasional Bhd, United Plantations Bhd and Panasonic Manufacturing Malaysia Bhd, while Hang Seng index's warrant, HSI-HG led the gainers.

The most actively traded stock was Instacom Group Bhd's warrant, INSTACO-WB, followed by the mother share and Hibiscus Petroleum Bhd.

Regionally, red ruled the day; Japan's Nikkei fell 1.04%, Hong Kong's Hang Seng declined 1.72%, while South Korea's Kospi contracted 1.53%.

Reuters reported that Asian stocks fell to six-week lows on Monday and emerging market currencies wilted as investors sought the safety of the greenback in the wake of Friday's attacks in Paris and downbeat economic data.

MSCI's broadest index of Asia-Pacific shares outside Japan fell nearly 1.5% — its biggest daily fall since Sept 29. It racked up a 3% loss last week.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)


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