KUALA LUMPUR (Sept 4): The FBM KLCI pared some of its losses and clawed back to above the 1,500-point level in the mid-morning today.

At 10am, the KLCI was down 7.81 points at 1,507.59. The index earlier slumped to a low of 1,498.72.

Market breadth remained negative with 679 losers and 177 gainers, while 343 counters traded unchanged. Trading volume was 2.16 billion shares valued at RM1.09 billion.

The top losers included Carlsberg Brewery Malaysia Bhd, Malaysian Pacific Industries Bhd, Supermax Corp Bhd, Heineken Malaysia Bhd and Kossan Rubber Industries Bhd,

The actively traded stocks included XOX Bhd, MQ Technology Bhd, Bumi Armada Bhd, AE Multi Holdings Bhd, Vsolar Group Bhd and Nova MSC Bhd.

The top gainers included Kamdar Group (M) Bhd, Top Glove Corp Bhd, UWC Bhd, Amway (Malaysia) Holdings Bhd, TIME dotCom Bhd and United Plantations Bhd.

Bloomberg said global stocks were ending the week with an unwinding of recent strong gains, with the rotation away from high-flying tech stocks gaining steam as investors questioned the sustainability of lofty valuations.

Rakuten Trade Sdn Bhd in its daily market report said US markets saw a sell-off led by tech stocks which had seen a series of record-high closes.

JF Apex Securities Research said US markets tumbled overnight following a decline in technology counters, which led the rally.

It said that earlier, European stocks retreated despite better-than-expected manufacturing data as rising coronavirus cases overshadowed investor sentiment.

“On the local market, the FBM KLCI plunged 22.14 points to 1,515.40 points with the institutional sell-off.

“Following the bearish performances in the US and Europe, the FBM KLCI could retest its support at 1,510 points,” it said.