KLCI pares loss as glovemakers, Tenaga rise; trading volume remains robust

TheEdge Thu, May 14, 2020 01:24pm - 3 years View Original


KUALA LUMPUR (May 14): The FBM KLCI pared some of its loss at the midday break as gains at index-linked rubber glovemakers and utility giant Tenaga Nasional Bhd narrowed the index’s losses.

Broader market sentiment, however, remained tepid in line with regional markets as the extent of the coronavirus epidemic kept governments and investors on tenterhooks.

At 12.30pm, the FBM KLCI was down 1.61 points to 1,395.52. The index had earlier slipped to a low of 1,388.80.

Market breadth remained negative with 549 losers and 147 gainers, while 504 counters traded unchanged.

Trading volume was some 4.02 billion shares valued at RM2.36 billion, lower than the volume at the midday break on Wednesday which stood at 5.79 billion shares valued at RM2.86 billion.

The top losers included Dutch Lady Milk Industries Bhd, Kuala Lumpur Kepong Bhd, Nestle (M) Bhd, Ajinomoto (M) Bhd, British American Tobacco (M) Bhd, QL Resources Bhd, Malaysia Airports Holdings Bhd, Scientex Bhd and Public Bank Bhd.

The actives included Minetech Resources Bhd, Key Alliance Group Bhd, Green Packet Bhd, Careplus Group Bhd, Notion VTec Bhd, QES Group Bhd, XOX Bhd and Comfort Gloves Bhd.

The gainers included Top Glove Corp Bhd, Fraser & Neave Holdings Bhd, United Plantations Bhd, Kossan Rubber Industries Bhd, Tenaga, Supermax Corp Bhd, Hartalega Holdings Bhd and Bursa Malaysia Bhd.

Reuters said most Southeast Asian stock markets fell on Thursday as fears of a delay in economic recovery due to rising coronavirus cases in countries easing lockdowns were exacerbated by dour outlook from the US Federal Reserve (Fed) chairman.

All three major US stock indexes ended lower overnight after Fed chair Jerome Powell warned of an "extended period" of weak economic growth, pointing to uncertainty over how well future outbreaks of the virus can be controlled, it said.

Kenanga IB Research said Asian markets ended mixed yesterday as investors were cautious over the recent resurgence in Covid-19 infections after the countries reopened their economies.

It said back home, the FBM KLCI gained 17.2 points or 1.25% to finish at 1,397.13.

“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.
 

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