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KLCI pares gains as regional rally stumbles on renewed signs of US-Sino tensions

TheEdge Thu, Aug 06, 2020 12:57pm - 2 months ago


KUALA LUMPUR (Aug 6): The FBM KLCI pared some of its gains at the midday break today as a regional rally stumbled on renewed signs of US-Sino tensions.

At 12.30pm, the FBM KLCI was up 8.21 points to 1,576.34. The index had earlier risen to a high of 1,582.16.

Gainers led losers by 417 to 320, while 694 counters traded unchanged. Trading volume was a robust 9.89 billion shares valued at RM4.84 billion.

The gainers included UPA Corp Bhd, Nestle (M) Bhd, HLT Global Bhd, Fraser & Neave Holdings Bhd, Notion VTec and ES Ceramics Technology Bhd.

The actively traded stocks included XOX Bhd, Borneo Oil Bhd, Minetech Resources Bhd, LKL International Bhd, Jadi Imaging Bhd and JCY International Bhd.

The decliners included Carlsberg Brewery Malaysia Bhd, Duopharma Biotech Bhd, Dutch Lady Milk Industries Bhd, Adventa Bhd, Bursa Malaysia Bhd, Careplus Group Bhd, KESM Industries Bhd and Supermax Corp Bhd.

Bloomberg said a rally in Asian stocks faltered Thursday as investors weighed more signs of tension with US-China relations and ongoing negotiations on an American stimulus package.

The US dollar dipped toward its lowest in almost two years, it said.

Hong Leong IB Research said in the wake of fading impact of past stimulus measures and evidence that the global V-shaped recovery has stalled amid lingering fears of a second wave of Covid-19 infections coupled with heightened US-China geopolitical conflicts, it remains to be seen what will help to keep global stock markets elevated in the coming weeks.

“On the domestic scene, nagging political uncertainty and expectations of worsening reported numbers for 2Q20 (both GDP and corporate results) are the risks that could trigger further consolidation in August.

“Weighing both directions, KLCI is likely to exhibit an extended range-bound consolidation mode with key downside supports at 1,563 (July 17) and 1,541 (Aug 4 low) levels whilst facing formidable tops at 1,591 (June 9) and 1,618 (July 29) levels,” it said.






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