KLCI extends downward bias

TheStar Fri, Oct 02, 2020 09:42am - 3 years View Original


KUALA LUMPUR: The FBM KLCI is set on continuing its bearish consolidation amid the lack of positive catalysts and a recent jump in Covid-19 cases in the country.

"Amid the lack of follow-through buying interest, we reckon that the donward bias consolidation in the key index will remain in place.

"Additionally, the recent increase in Covid-19 cases across Peninsular Malaysia will pose a stumbling block for the nation's economic recovery," said Malacca Securities Research.

However, the research house said lower liners are attempting to find their footing, while rotational play across the sector to keep trading interest at a decent level.

Malaysia's benchmark index made a weak start on Friday, extending on the previous day's decline.

Within the first five minutes of trading, the FBM KLCI had slipped 5.62 points to 1,491.15 as the market's leading heavyweights continued to fall.

The top three laggards by weighting were Public Bank falling 18 sen to RM15.60, Top Glove dropping five sen to RM8.38 and Maybank shedding four sen to RM7.14.

Meanwhile, the Bursa Malaysia Plantations Index stabilised after falling nearly 2% in the previous session on news that FGV had received a detention order on its products by the US Customer and Border Protection, while another major plantation player was soon to face the same fate.

FGV bounced one sen higher to RM1.06 after yesterday's 8.6% selloff.

Sime Darby Plantation was two sen higher to RM4.81 and IOI dropped three sen to RM4.36. Kuala Lumpur Kepong remained untraded.

Top active counters of the day were Perak Transit down 0.5 sen to 28.5 sen, Bintai Kinden up three sen to 69.5 sen and Inix rising 0.5 sen to 26.5 sen.

In Asian market, the Tokyo Stock Exchange was back in business after a one-day halt yesterday due to a major system error. The Nikkei Index rose 0.3%, playing catch-up to the two-day rise in US markets.

Australia's ASX200 was down 0.75% while markets in China, Hong Kong and South Korea remained closed for national holidays.

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