KLCI stays below 1,400 level, volume surges to 4.2 billion shares

TheEdge Tue, Apr 21, 2020 01:07pm - 12 months ago


KUALA LUMPUR (April 21): The FBM KLCI stayed below the 1,400-point level at the midday break Tuesday as investors remained spooked by the overnight plunge in crude oil prices, while trading volume surged to more than 4 billion shares at the local bourse.

At 12.30pm, the FBM KLCI lost 22.62 points to 1,390.50.

Across Bursa Malaysia, all the indices were in the red.

Market breadth was negative with 690 losers and 76 gainers, while 416 counters traded unchanged. Trading volume was hefty with 4.24 billion shares valued at RM1.78 billion.

The top losers included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Dutch Lady Milk Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Kuala Lumpur Kepong Bhd, Heineken Malaysia Bhd, Petronas Dagangan Bhd, Fraser & Neave Holdings Bhd and Batu Kawan Bhd.

The actives included Lambo Group Bhd, NetX Holdings Bhd, AirAsia X Bhd, MSM Malaysia Holdings Bhd, AirAsia Group Bhd, Hibiscus Petroleum Bhd, Sapura Energy Bhd, Borneo Oil Bhd and Bumi Armada Bhd.

The gainers included Latitude Tree Holdings Bhd, Ralco Corp Bhd, Malayan Flour Mills Bhd, Comfort Gloves Bhd and Maxis Bhd.

Reuters said Southeast Asian stock markets were pummelled on Tuesday, after a historic plunge in US crude futures to below zero highlighted the damage wreaked by the coronavirus pandemic.

Global markets fell, with the S&P 500 ending 1.79% lower and the Dow Jones Industrial Average closing down 2.4% overnight. Broader Asian markets were also trading lower.

Kenanga IB Research said Asian stocks ended mix yesterday, as the cut in China's benchmark lending rate indicates the impact of coronavirus has yet to be fully subsided.

It said back home, the FBM KLCI rose 5.78 points or 0.41% to finish at 1,413.12.

“Chart-wise, the index looks to be in the midst of testing its 50-day SMA.

“Coupled with a bullish MACD signal, we may see a continuation of recent intermittent technical rebounds from previous oversold position.

“On the chart, our resistance-turned-support levels now stand at 1,400 (S1) and 1,360 (S2). On the upside, we have set our resistance levels at 1,420 (R1) and 1,485 (R2),” it said.






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