FBM KLCI slips in wait for buying opportunities

KUALA LUMPUR: The FBM KLCI edged lower as investors awaited fresh leads, which could be forthcoming as Corporate Malaysia's earnings period kicks into full gear in the coming weeks.
TA Securities said the local market is expected to remain in consolidatio mode with downside bias ahead of the weekend, given the lack of positive catalysts on the local front. It said investors are holding off pending more clarity on the trade deal between the US and China.
Meanwhile, Rakuten Trade said the world's two largest economies are approaching a trade deal, which is driving market sentiment higher. This is coupled with hopes of a more accommodative stance from the Federal Reserve.
"Hence, we anticipate an upward shift, driven by buying interest due to attractive valuations and stronger market turnover," it said in its outlook.
At the open, the FBM KLCI was down 4.31 points to 1,609.89 as investors awaited new buying opportunities.
There was strong selling pressure in British American Tobacco Malaysia as its latest quarterly net profit hit an all-time low amid falling cigarette sales. The tobacco firm fell 99 sen to RM4.65 to its lowest level in 10 months.
The stock market operator, Bursa Malaysia, was also down 14 sen to RM8.18 after announcing lower quarterly earnings on the back of a drop in securities trading revenue.
In blue chips, MISC shed 43 sen to RM7.40, Kuala Lumpur Kepong slid 12 sen to RM20.76 and PETRONAS Gas fell eight sen to RM18.50.
Leading actives on the market were Revenue down 0.5 sen to 7.5 sen, Perak Treansit sliding 0.5 sen ot 36 sen and TWL unchanged at 2.5 sen.

Sumber : thestar.com.my