KUALA LUMPUR: Blue chips retreated after crossing the 1,300-level in early trade on Tuesday on rising selling pressure, in line with the cautious Asian markets after Wall Street closed on a weaker note.
At 10am, the KLCI was down 2.71 points to 1,292.60, off the early high of 1,305. Turnover was 91.68 million shares valued at RM134.85mil. There were 115 gainers, 217 losers while 165 counters were unchanged.
Hong Kong’s Hang Seng Index opened 0.2% lower at 25,661.96 while Singapore’s Straits Times Index lost 0.85% to 3,174.36. However, Shanghai’s A Share Index jumped 1.09% to 3,685.27.
US crude oil was quoted at US$118.56 (RM374) per barrel. The ringgit was at RM3.1560 to the US dollar.
In New York, US stocks ended little changed on Monday after the biggest US takeover deal proposed this year helped offset the comments by influential investor Warren Buffett, one of the deal's backers, that the country could face a long and deep recession.
Reuters reported signs of life stirred in the moribund merger-and acquisition market when Mars Inc, the maker of M&Ms candy, offered to buy Wm Wrigley Jr Co, the world's largest chewing gum maker. Buffett's Berkshire Hathaway will help finance the US$23 billion acquisition.
The Dow Jones industrial average fell 20.11 points, or 0.16%, to 12,871.75.
On the outlook for Bursa Malaysia, OSK Investment Research said it expected the KLCI to range bound with the 1,300 level being revisited despite concerns about the record high oil price.
“All eyes will also be on the Fed meeting with a small reduction in interest rate anticipated, pointing towards the end of the of the rate cycle reduction for now,” it said in a research note.
Shell Refining was the top loser, down 20 sen to RM11.40 but in thin trade. MISC lost 15 sen to RM9.30 while TM International gave up 10 sen to RM7.45.
Infrastructure companies IJM lost 10 sen to RM6.20 while Gamuda gave up eight sen to RM3.14. MRCB lost two sen to RM1.43.
However, Tamco jumped 13 sen to RM1.04 on plans to distribute 98 sen for every one share of 50 sen each in Tamco to its shareholders.
DiGi was the top gainer, adding 30 sen to RM24.40 while Tasek’s plan to reward shareholders with a dividend of 54 sen per share, saw the share price gaining 26 sen to RM4.32.
Source
At 10am, the KLCI was down 2.71 points to 1,292.60, off the early high of 1,305. Turnover was 91.68 million shares valued at RM134.85mil. There were 115 gainers, 217 losers while 165 counters were unchanged.
Hong Kong’s Hang Seng Index opened 0.2% lower at 25,661.96 while Singapore’s Straits Times Index lost 0.85% to 3,174.36. However, Shanghai’s A Share Index jumped 1.09% to 3,685.27.
US crude oil was quoted at US$118.56 (RM374) per barrel. The ringgit was at RM3.1560 to the US dollar.
In New York, US stocks ended little changed on Monday after the biggest US takeover deal proposed this year helped offset the comments by influential investor Warren Buffett, one of the deal's backers, that the country could face a long and deep recession.
Reuters reported signs of life stirred in the moribund merger-and acquisition market when Mars Inc, the maker of M&Ms candy, offered to buy Wm Wrigley Jr Co, the world's largest chewing gum maker. Buffett's Berkshire Hathaway will help finance the US$23 billion acquisition.
The Dow Jones industrial average fell 20.11 points, or 0.16%, to 12,871.75.
On the outlook for Bursa Malaysia, OSK Investment Research said it expected the KLCI to range bound with the 1,300 level being revisited despite concerns about the record high oil price.
“All eyes will also be on the Fed meeting with a small reduction in interest rate anticipated, pointing towards the end of the of the rate cycle reduction for now,” it said in a research note.
Shell Refining was the top loser, down 20 sen to RM11.40 but in thin trade. MISC lost 15 sen to RM9.30 while TM International gave up 10 sen to RM7.45.
Infrastructure companies IJM lost 10 sen to RM6.20 while Gamuda gave up eight sen to RM3.14. MRCB lost two sen to RM1.43.
However, Tamco jumped 13 sen to RM1.04 on plans to distribute 98 sen for every one share of 50 sen each in Tamco to its shareholders.
DiGi was the top gainer, adding 30 sen to RM24.40 while Tasek’s plan to reward shareholders with a dividend of 54 sen per share, saw the share price gaining 26 sen to RM4.32.
Source
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