Investment Advisor Malaysia- KLCI falters early Wednesday, higher oil cost not making a difference

Investment Advisor Malaysia

KUALA LUMPUR: Blue chips were level early Wednesday as financial specialists remained on the sidelines after the FBM KLCI (Investment Advisor Malaysia) fell the earlier day on outside offering weight. The higher oil costs mutedly affected the enormous top and lower liners oil and gas stocks.

At 9.50am (Malaysia Share Market),

the KLCI had plunged 0.05 of a point to 1,736.09. Turnover was 437.01 million offers esteemed at RM157.21mil. There were 235 gainers, 204 washouts and 270 counters unaltered.

After the weaker close on Bursa Malaysia on Tuesday, where the KLCI fell 5.33 focuses (- 0.31%) to close at 1,736.14, Kenanga Investment Bank Research said the key markers stay in a negative state and hinted at no recuperation.

“The general specialized picture has weakened after it broke underneath the help level of 1,750, demonstrating a bearish standpoint.

“In perspective of further shortcoming ahead, bolster levels to watch out for are 1,729 (S1) and 1,713 (S2). Then again, protection levels are 1,765 (R1) and 1,783 (R2),” it said.

Oil costs were to a great extent consistent in early Asian exchange on Wednesday (Malaysian Stock Tips), drifting close to a four-week high hit a day sooner after best exporter Saudi Arabia said it was resolved to end a supply overabundance, Reuters announced.

Brent unrefined,

the worldwide benchmark, was up 10 pennies at US$58.43 a barrel by 0103 GMT, subsequent to settling on Tuesday up 96 pennies, or 1.7%.

US West Texas Intermediate unrefined was exchanging down four pennies at US$52.43 a barrel, having risen 57 pennies on Tuesday.

F&N fell 54 sen to RM24.50 with 2,100 offers done (Stock Tips Malaysia), Batu Kawan lost 20 sen to RM19.80, Ulicorp 13 sen bring down at RM4.15 while Petronas Dagangan lost 12 sen to RM24.08.

Ajinomoto lost eight sen to RM19.80 and Denko lost six sen to RM1.50.

UMW Oil and Gas

warrants bounced 11 sen to 11.5 sen with more than 24 million units done and the offers edged up 0.5 sen to 28 sen.

Its 4.836 billion new offers were issued under its renounceable rights issue while its 1.51 billion new warrants were issued in accordance with the rights issue.

Perstima was the best gainer, up 22 sen to RM5.75, KL (Stock Picks Malaysia) Kepong picked up 20 sen to RM24.50, Asiafile and Carlsberg added 10 sen each to RM3.15 and RM15.44.

Edaran hopped

17 sen to 39 sen after it packed away a RM149.97mil contract from the Customs Department to redesign the division’s data frameworks.

The agreement began on Sept 1 and finishes on Aug 31, 2019. Edaran anticipates that this agreement will have critical impact on the income per share for FY finishing June 30, 2018. The EPS is evaluated to increment by 16 sen.

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