KLCI slips on mild profit taking despite rally at regional markets

TheEdge Thu, Mar 05, 2020 12:51pm - 4 years View Original


KUALA LUMPUR (March 5): The FBM KLCI reversed its earlier gains and slipped at the midday break on some mild profit taking, despite the rally at most regional markets.

At 12.30pm, the FBM KLCI shed 1.05 points to 1,488.9. The index had earlier risen to a high of 1,497.31.

Gainers edged losers by 301 to 247, while 528 counters traded unchanged. Volume was 1.55 billion shares valued at RM904.54 million.

The top losers included British American Tobacco (M) Bhd, Nestle (M) Bhd, New Hoong Fatt Holdings Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Hong Leong Bank Bhd, Hong Leong Financial Group Bhd, Hap Seng Consolidated Bhd, United Malacca Bhd and PPB Group Bhd.

The actives included Vortex Consolidated Bhd, XOX Bhd, Priceworth International Bhd, Bumi Armada Bhd, Tiger Synergy Bhd and Sapura Energy Bhd.

The gainers included Panasonic Manufacturing Malaysia Bhd, Heineken Malaysia Bhd, Ajinomoto (M) Bhd, KKB Engineering Bhd, Cahya Mata Sarawak Bhd, Petronas Chemicals Group Bhd, Kumpulan Powernet Bhd, Sarawak Consolidated Industries Bhd, Genetec Technology Bhd and Kejuruteraan Asastera Bhd.

Reuters said Asian shares rallied for a fourth straight session on Thursday as US markets swung sharply higher and another dose of central bank stimulus offered some salve for the global economic outlook.

Wall Street seemed to find relief in the strong performance of former vice president Joe Biden in the Democratic nomination campaign. Biden is considered less likely to raise taxes and impose new regulations than rival Bernie Sanders, it said.

Affin Hwang Capital Research said the FBM KLCI gained 11.31 points or 0.8%, to close at 1,489.95 on Wednesday.

The research house said that in terms of technical indicators, looking at the daily chart, despite trading in bearish territories, these indicators are beginning to show early signs of reversing higher: 1) MACD converging towards the Signal line, 2) RSI & Stochastic turning higher, exiting oversold territories.

“Hence, it is perceived that a technical rebound is potentially in progress. Local markets may continue on its rebound today in line with improvement in global market’s performance.

“Anticipate the index to trade with downward bias,” it said.

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