KLCI dips 0.53% as US fiscal stimulus stalemate drags markets

TheEdge Wed, Oct 14, 2020 10:26am - 6 months ago

KUALA LUMPUR (Oct 14): The main index of Bursa Malaysia fell 0.53% in the mid-morning today as the fiscal stimulus stalemate in the US dragged regional markets.

At 10am, the FBM KLCI had lost 8.04 points to 1,517.16.

Gainers led losers by 350 to 309, while 371 counters traded unchanged. Trading volume was 1.53 billion shares valued at RM1.09 billion.

The top losers included Kuala Lumpur Kepong Bhd, Carlsberg Brewery Malaysia Bhd, HeiTech padu Bhd, Malayan Banking Bhd, Maxis Bhd, Hong Industries Bhd, Press Metal Aluminium Holdings Bhd, IHH Healthcare Bhd, Ireka Corp Bhd and Inari Amertron Bhd.

The actively traded stocks included Metronic Global Bdh, AT Systremization Bhd, Kanger International Bhd, Careplus Group Bhd, HLT Global Bhd and Advance Synergy Bhd.

The gainers included Malaysian Pacific Industries Bhd, QL Resources Bhd, Scientex Bhd, Rubberex Corp Bhd, Perusahaan Sadur Timah Malaysia Bhd, G3 Global Bhd, Comfort Gloves Bhd and New Hoong Fatt Holdings Bhd.

Bloomberg said Asian stocks followed their U.S. counterparts lower Wednesday as the earnings season began and there was no sign of a quick end to the fiscal stimulus stalemate.

Treasuries and the dollar were steady, it said.

JF Apex Securities Research said US markets dropped overnight after coronavirus stimulus talks stalled and issues in vaccine developments.

It said that earlier, European stocks declined as the US corporate results season kicked off, concerns on coronavirus and China's export data.

“On the local market, the FBM KLCI rose 6.77 points to 1525.20 points.

“Following the negative performance in Wall Street, the FBM KLCI could pull back from its recent gains and hover sideways below the resistance of 1550 points,” it said.

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