KUALA LUMPUR (May 12): The FBM KLCI stayed lacklustre at the midday break on Monday, as worries of a second wave of the coronavirus and US-China trade tensions along with weaker domestic data kept investors on tenterhooks.

Malaysia’s industrial production index fell 4.9% year-on-year in March, ahead of the release of the first quarter gross domestic product data on May 13.

At 12.30pm, the benchmark index reversed earlier losses and gained 1.63 points to 1,383.94 as index-linked glovemakers lifted. The index had earlier slipped to a low of 1,377.56.

Losers led gainers by 370 to 276, while 518 counters traded unchanged. Trading volume was a robust 3.72 billion shares valued at RM1.95 billion.

The gainers included Top Glove Corp Bhd, Kossan Rubber Industries Bhd, Comfort Gloves Bhd, Supermax Corp Bhd, Petron Malaysia Refining & Marketing Bhd, Hengyuan Refining Company Bhd, Careplus Group Bhd, Petronas Gas Bhd and Hartalega Holdings Bhd.

The actives included Careplus, KLK International Bhd, Key Alliance Group Bhd, Ageson Bhd, MTAG Bhd and Velesto Energy Bhd.

The decliners included Petronas Dagangan Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Dutch Lady Milk Industries Bhd, ViTrox Corp Bhd, Hong Leong Bank Bhd, Ajinomoto (M) Bhd and United Malacca Bhd.

Kenanga IB Research said Asian stocks ended higher last Friday (May 8), following Wall Street’s gains the night before coupled with a report citing that US and China trade negotiators agreed to further cooperation.

It said back home, the FBM KLCI rose 5.38 points or 0.39% to finish at 1,382.31.

“Chart-wise, the index — following its rebound from previous oversold position to close the gap that was opened during the mid-March market meltdown — could face renewed selling pressures ahead.

“On the chart, our immediate support levels stand at 1,360 (S1) and 1,310 (S2).

“On the upside, our resistance levels can be found at 1,400 (R1) and 1,420 (R2),” it said.