KLCI falls 0.82% as sentiment dragged by manufacturing data slowdown

TheEdge Mon, Nov 02, 2020 01:00pm - 3 years View Original


KUALA LUMPUR (Nov 2): The main index of Bursa Malaysia fell 0.82% before the midday break today as sentiment was dragged by a slowdown in manufacturing data.

The headline IHS Markit Malaysia Manufacturing Purchasing Managers’ Index (PMI) — a composite single-figure indicator of manufacturing performance — dipped for the fourth successive month in October, down to 48.5, from 49.0 in September.

At 12.30pm, the FBM KLCI had lost 12.09 points to 1,454.80.

Market breadth was negative with 528 losers and 155 gainers, while 626 counters traded unchanged. Trading volume was 2.83 billion shares valued at RM1.55 billion.

The top losers included Fraser & Neave Holdings Bhd (F&N), Malaysian Pacific Industries Bhd, Supermax Corp Bhd, Ajinomoto (M) Bhd, Top Glove Corp Bhd, Greatech Technology Bhd, KESM Industries Bhd, PPB Group Bhd, Bursa Malaysia Bhd and Mega First Corp Bhd.

The actively traded stocks included Lambo Group Bhd, AT Systematization Bhd, GE Express Carrier Bhd, Luster Industries Bhd, Nationwide Express Holdings Bhd, Diversified Gateway Solutions Bhd and Mah Sing Group Bhd.

The gainers included Nestle (Malaysia) Bhd, Kuala Lumpur Kepong Bhd (KLK), Nationwide, TIME dotCom Bhd, UMW Holdings Bhd, British American Tobacco (Malaysia) Bhd and Petronas Gas Bhd.

Reuters said Asian shares bounced off one-month lows today on solid data from China showing factory activity expanded at its fastest pace in a decade, while oil prices skidded as many Western countries slid back into coronavirus-driven lockdowns.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.5% to 573.04 as China's Caixin/Markit Manufacturing PMI offered hope the region's success in containing the coronavirus could spare it the economic pain being inflicted on Europe and the US, it said.

Hong Leong Investment Bank (HLIB) Research said ahead of major key events, namely the Bank Negara Malaysia meeting tomorrow (Nov 3), the US election and the tabling of Budget 2021 on Friday (Nov 6), as well as the technically bearish head and shoulder (H&S) pattern last Friday, the KLCI is expected to witness a sharp rise in volatility with high probability of further downside bias.

“Failure to reclaim above the 1,474 and 1,492 (200-day simple moving average) levels could trigger further sell-off towards the 1,413-1,450 levels.

“Conversely, a successful reclaim above 1,474-1,492 would enhance the odds of a further technical rebound towards the 1,500-1,521 zones,” it said.

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