Investors turn cautious ahead of state elections

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KUALA LUMPUR: The FBM KLCI remained lower at midday as investors adopt a cautious stance ahead of six state elections.


Malacca Securities expects trading activities to remain cautious as state elections approach over the weekend.

“The lower liners may also set for a rangebound trading with the on-going corporate reporting season. Given that the US inflation has moderated, we reckon that Wall Street may head higher over the near term.

“Going forward, investors will be monitoring the outcome of Malaysia state elections as well as the US producer price index data to be released tonight,” the research house said.

At 12.30pm, the benchmark index fell 2.92 points, or 0.2% to 1,456.01.

Losers led gainers by 386 to 326, while 416 counters traded unchanged. Trading volume was 1.5 billion shares valued at RM809mil.


Nestle slid 40 sen to RM132.10, Malaysian Pacific Industries fell 30 sen to RM28, Hong Leong Capital eased 28 sen to RM5.82 and PPB lost 22 sen to RM16.58.

Among the gainers, Allianz-PA jumped 30 sen to RM15.80, BLD Plantation rose 24 sen to RM11, Kotra added 14 sen to RM5.58 and Panasonic Manufactuiring climbed 14 sen to RM20.20.

Meanwhile, China’s main market was down 1.19% to 3,215.82 and Hong Kong’s Hang Seng slid 0.62% to 19,128.54.

Japan’s Nikkei was 0.8% higher at 32,473.65 while South Korea’s Kospi dropped 0.12% to 2,598.32.

– The Star

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