Sentiment on local bourse remained somewhat ambivalent on June 11. There was certainly no catalyst for investors to re-enter the market. Indeed, uncertainties abound, about both the global and domestic economy. Outlook for the stock market in the near to medium term is still clouded at this point.
Although the KL Composite Index opened on a firmer footing and managed to stay in positive territory for much of the day, market breadth reflected a much weaker sentiment. Sellers certainly appear to have held the upper hand. Temptation to bargain hunt for stocks took a back seat to caution.
The benchmark index moved within a narrow trading range in the absence of fresh leads. There was no major price volatility, either up or down although intensified selling towards the close pushed the KLCI into the red. The index ended the day about two points lower at 1,229.3.
Business on the local bourse was slow. Market volume stood at only 443 million shares, not much changed from that of the preceding two trading days. IOI Corp was the most actively traded counter for the day. The plantation company lost 10 sen to RM7. Blue chips such as Tenaga Nasional, Resorts World, Telekom Malaysia, Genting, AirAsia and Sime Darby dominated the actives list. This appears to suggest a lack of participation from local retail investors.
At the close, losing stocks outnumbered gaining ones by a ratio of roughly six to five. Parkson was among the biggest losers for the day. The stock fell 30 sen to RM5.25. Other notable losers include Tanjong plc, AEON, Genting, RHB Capital, Berjaya Land and DiGi.
At the other end, Lion Diversified was one of the top gainers. The shares added 28 sen to RM1.49. Other big gainers were BAT, Lafarge Malayan Cement, Kumpulan Perangsang Selangor, Sarawak Energy and F&N.
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