Business

KLCI wavers early Wednesday, MAHB top loser

KUALA LUMPUR: After snapping 10 straight days of losses on Tuesday, Bursa Malaysia seemed unsettled early Wednesday as investors awaited fresh positive catalysts to spur more buying interest.

At 9.41am, the FBM KLCI was down 0.4 of a point to 1,759.278. Turnover was 342.80 million shares valued at RM152.76mil. There were 207 gainers, 172 losers and 263 counters unchanged.

Japanese shares climbed on Wednesday led by auto stocks as U.S. demand for cars ballooned following damage from recent hurricanes, while the dollar traded cautiously amid speculation over the next head of the Federal Reserve, Reuters reported.
Japan’s Nikkei climbed to the highest since August 2015 to 20,669.86, aided by strong gains in Toyota Motor and Mazda Motor Corp.

MSCI’s broadest index of Asia-Pacific shares outside Japan was steady following three consecutive days of gains.

At Bura, MAHB fell the most, down 36 sen to RM8.16. MIDF Research said it  had upgraded MAHB back to market perform with an unchanged target price of RM8.38.

Magni-Tech fell 10 sen to RM7.05, BAT six sen to RM42.88 while Denko Gas Malaysia and MKH fell five sen each to RM1.23, RM2.84 and RM2.13 respectively.

Petron surged 50 sen to RM11.52 and Hengyuan 21 sen to RM8.51.

Genting Plantations added 16 sen to RM10.58, Muda 11 sen to RM1.50, Wang Zheng 10 sen to RM1.60 while Crescendo and Latitude Tree gained eight sen each to RM1.61 and Rm4.66 and mercury six sen up to RM1.57.

Oil prices eased on Wednesday over caution that a price rally that lasted for most of the third quarter would not extend through the last three months of the year, Reuters reported.

US West Texas Intermediate (WTI) crude oil futures were trading at US$50.05 per barrel at 0032 GMT, down 37 cents, from their last close. Brent crude futures, the international benchmark for oil prices, were down 35 cents, at US$55.65 a barrel.

Reuters also reported the US dollar stepped back from a 1 1/2-month high against a basket of currencies on Wednesday, as the rally triggered by strong US data fizzled on speculation US President Donald Trump’s choice for the next Fed Chair may be a less hawkish candidiate than previously thought.