FBM KLCI loses momentum headed into midday

TheStar Fri, Apr 02, 2021 12:51pm - 3 years View Original


KUALA LUMPUR: The FBM KCL ended the morning session just a fraction of a point higher as the rebound lost momentum.

The rally peaked at 1,588.72 before tapering to enter midday 0.96 points higher at 1,583.6.

Market breadth remained positive with 555 gainers versus 401 decliners.

The domestic stock market has been under selling pressure of late as political uncertainties and speculation over a looming general election intensify.

Local investors largely ignored a rally in Asian markets following the release of strong factory data and an easing in US bond yields that resulted in a record performance in Wall Street's S&P 500 overnight.

However, the blue chips in the FBM KLCI were mostly lower, with the few rising counters led higher by Top Glove.

The world's largest glove maker is recouping sharp losses it recorded earlier in the week as US authorities made a finding of forced labour in its manufacturing process.

Top Glove rose 13 sen to RM4.77, paring its loss to 5.5% on the week.

Telekom Malaysia also helped to shore up the index, adding seven sen to RM6.09.

Of actives, Berjaya Corp gained 2.5 sen to 46 sen, Luster rose 1.5 sen to 23 sen and Permaju was flat at 20.5 sen.

Meanwhile, key Asian markets extended yesterday's gains. Japan's Nikkei rose 1.45%, South Korea's Kospi gained 0.5%, China's composite index added 0.4%.

Hong Kong's stock exchange was closed for Good Friday as was Australia's market.

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