KUALA LUMPUR (Aug 3): The FBM KLCI pared some of its loss at mid-morning as index-linked glove makers Hartalega Holdings Bhd and Top Glove Corp rose, against a marked improvement in Malaysia's July manufacturing data while regional markets stayed cautious.

At 10am, the FBM KLCI was down 8.97 points to 1,594.78. The index had earlier slipped to a low of 1,592.79.

Losers led gainers by 460 tro 401, while 313 counters traded unchanged. Trading volume was 2.84 billion shares valued at RM1.88 billion.

The top losers included Petronas Dagangan Bhd, Fraser & Neave Holdings Bhd, Hong Leong Financial Group Bhd, Nestle (M) Bhd, Batu Kawan Bhd, Kuala Lumpur Kepong Bhd, Genting Plantations Bhd, Tenaga Nasional Bhd, Aeon Credit Service (M) Bhd and Petron Malaysia Refining Company Bhd.

The actives included Notion Vtec Bhd, Borneo Oil Bhd, DGB Asia Bhd, LKL International Bhd, XOX Bhd, Hubline Bhd, Green Ocean Bhd and Anzo Holdings Bhd.

The gainers included Malaysian Pacific Industries Bhd, Careplus Group Bhd, Hartalega Holdings Bhd, Adventa Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, Kossan Rubber Industries Bhd, HLT Global Bhd and Mega First Corp Bhd.

Reuters said Asian shares and the dollar made a cautious start to the new month on Monday as U.S. lawmakers struggled to hammer out a new stimulus plan and a global surge of new coronavirus cases showed no sign of abating.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2%, though that was from a six-month top. Japan's Nikkei added 1.1% courtesy of a pullback in the yen, while South Korea shares eased 0.3%, it said.

Hong Leong IB Research said as the impact of past stimulus measures fade and given some evidence that the global recovery has already stalled amid a 2nd wave Covid-19 infections fear coupled with lingering US-China geopolitical conflict, it remains to be seen what will help to keep global stock markets elevated in the coming weeks.

“On the domestic scene, ongoing political tussles in PH and PN and expectations of worsening reported numbers for 2Q20 (both GDP and corporate results) are the risks that we may see an extended consolidation in August.

“Technically, a successful breakout above 1618 (29 July high) neckline resistance would spur index higher towards 1633-1644 zones whilst a sharp fall below 1563 would trigger further selldown at 1510-1538 territory,” it said.