KLCI dips 0.11%, pauses for a breather as regional markets trade mixed

TheEdge Wed, Jun 10, 2020 01:11pm - 3 years View Original


KUALA LUMPUR (June 10): The FBM KLCI retreated at the midday break today as the local bourse paused for a breather in line with mixed regional markets.

At 12.30pm, the FBM KLCI dipped 0.11% or 1.78 points to 1,573.38. The index earlier climbed to a high of 1,578.10 during a choppy morning session.

Gainers led losers by 409 to 254, while 681 counters traded unchanged. Trading volume was a robust 4.29 billion shares valued at RM2.43 billion.

The top losers included Petronas Dagangan Bhd, British American Tobacco (Malaysia) Bhd, Carlsberg Brewery Malaysia Bhd, Scientex Bhd, Comfort Gloves Bhd, Rubberex Corp Bhd, Genting Bhd, Padini Holdings Bhd and Kossan Rubber Industries Bhd.

The actives included Lambo Group Bhd, RGT Bhd, VS Industry Bhd, Powerwell Holdings Bhd, JAG Bhd, AirAsia Group Bhd, Ekovest Bhd and Lion Industries Bhd.

The gainers included G3 Global Bhd, Heineken Malaysia Bhd, Greatech Technology Bhd, Sarawak Consolidated Industries Bhd, SAM Engineering & Equipment Bhd, Kumpulan Powernet Bhd, Dufu Technology Bhd, KESM Industries Bhd and Globetronics Technology Bhd.

Bloomberg said equities traded mixed in Asia today as investors took stock of the recent risk-asset rally and awaited clues on the next steps for monetary policy from the US Federal Reserve.

The dollar resumed its recent decline, it said.

Kenanga Research said yesterday Asian stocks mostly closed higher, tracking Wall Street's overnight performance and higher oil price after Opec+ reached a deal to extend production cut until July.

It said back home, the FBM KLCI rose 18.83 points (+1.21%) to finish at 1,575.16.

"Following the formation of a 'Golden Cross', the index managed to close the gap that was opened during the mid-March market meltdown, which sees it now trading above all of its key-SMAs.

"On the chart, our resistance-turned-support levels are identified at 1,530 (S1) and 1,500 (S2).

"On the upside, our resistance levels stand at 1,600 (R1) and 1,630 (R2)," it said.

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