KLCI closes flat, on course for monthly gain as trade volume stays robust

TheEdge Fri, May 29, 2020 01:01pm - 3 years View Original


KUALA LUMPUR (May 29): The FBM KLCI ended flat at the midday break today, but remained on course to make a monthly gain, against the backdrop of mixed regional markets as China and the US continued to trade blows over Hong Kong.

At 12.30pm, the FBM KLCI was down 0.48 point to 1,457.02. The index had earlier slipped to a low of 1,448.84.

Gainers led losers by 341 to 317, while 583 counters traded unchanged. Trading volume was a robust 4.27 billion shares valued at RM2.93 billion.

The decliners included Nestle (M) Bhd, Genting Plantations Bhd, Petronas Dagangan Bhd, United Plantations Bhd, Panasonic Manufacturing Malaysia Bhd, Heineken Malaysia Bhd, British American Tobacco (M) Bhd, Hong Leong Financial Group Bhd, Kuala Lumpur Kepong Bhd and TIME Dotcom Bhd.

The actives included Careplus Group Bhd, Eduspec Holdings Bhd, XOX Bhd, Key Alliance Group Bhd, Sanichi Technology Bhd, HLT Global Bhd, Velesto Energy Bhd and KNM Group Bhd.

The gainers included Supermax Corp Bhd, Mega First Corp Bhd, Rubberex Corp Bhd, Adventa Bhd, Power Root Bhd, Pentamaster Corp Bhd and Fraser & Neave Holdings Bhd.

Reuters said Indonesian and Philippine stocks rose today as their economies started returning to life after the Covid-19-induced lockdowns, while Singapore and Thailand tracked broader Asia lower on flaring Sino-US tensions.

Beijing and Washington have traded blows over Hong Kong, and China's parliament yesterday opted to go ahead with its national security legislation for the territory this week, leading US President Donald Trump to vow retaliation, it said.

Kenanga IB Research said Asian stocks closed mixed yesterday on rising US-China tensions after the US secretary of state told Congress that Hong Kong no longer qualified for its special status.

It said back home, the FBM KLCI rose 5.77 points (+0.04%) to finish at 1,457.50.

“Following the formation of a 'Golden Cross', the index continues to be in an attempt to close the gap that was opened during the mid-March market meltdown.

“On the chart, our resistance-turned-support levels stand at 1,400 (S1) and 1,360 (S2).

“On the upside, our resistance levels are raised to 1,460 (R1) and 1,500 (R2),” it said.

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