KLCI recoups earlier loss, climbs 0.17% in line with regional peers

TheEdge Tue, Sep 01, 2020 12:56pm - 3 years View Original


KUALA LUMPUR (Sept 1): The FBM KLCI recouped some of its earlier loss and climbed 0.17% at the midday break Tuesday, tracking its regional peers.

At 12.30pm, the FBM KLCI was up 2.54 points to 1,527.75. The index had earlier slipped to a low of 1,522.34.

Losers edged gainers by 384 to 377, while 688 counters traded unchanged. Trading volume was 6.36 billion shares valued at RM3 billion.

The top gainers included Malaysian Pacific Industries Bhd, Hong Leong Bank Bhd, Fraser & Neave Holdings Bhd, Petronas Gas Bhd, Hong Leong Financial Group Bhd, PPB Group Bhd, Sarawak Consolidated Industries Bhd, Top Glove Corp Bhd and Comfort Gloves Bhd.

The actively traded stocks included Nova MSC Bhd, XOX Bhd, Lambo Group Bhd, MQ Technology Bhd, Bumi Armada Bhd, Pasukhas Group Bhd, Borneo Oil Bhd and DGB Asia Bhd.

The decliners included Kuala Lumpur Kepong Bhd, Nestle (M) Bhd, BIMB Holdings Bhd, Bintulu Port Holdings Bhd, Kossan Rubber Industries Bhd, Malayan Banking Bhd, Vstecs Bhd and Kawan Food Bhd.

Reuters said Asian stocks edged higher on Tuesday after strong readings on China's vast manufacturing sector offset the weak lead from a softer Wall Street session.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, to regain some ground it had lost on Monday, it said.

Hong Leong IB Research said unless the KLCI stages a strong technical rebound this week to reclaim above 1,541 (lower BB) and 1,562 (50D SMA) levels, it expects the index to experience further wild swings in a seasonally sluggish September (KLCI tumbled about 1.7% from 2000-2019), compounded by domestic political uncertainty (ahead of the Sept 26 Sabah state election), the resurgence of Covid-19 cases in global hotspots coupled with simmering US-China geopolitical tension.

“Key supports are situated at 1,509-1,500-1,481 whilst resistances are pegged at 1,541-1,562-1,577 levels,” it said.

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