KLCI remains lacklustre in line with soft regional markets on lack of fresh catalysts
KUALA LUMPUR (Sept 7): The FBM KLCI remained lacklustre at mid-morning in line with the softer pedalling regional markets, as a lack of fresh catalysts kept investors on tenterhooks.
At 10am, the FBM KLCI added 1.02 points to 1516.88.
Gainers edged losers by 402 to 384, while 346 counters traded unchanged. Trading volume was 1.93 billion shares valued at RM773.45 million.
The top gainers included Dutch Lady Milk Industries Bhd, Carlsberg Brewery Malaysia Bhd, Ipmuda Bhd, Aeon Credit Service (M) Bhd, Heineken Malaysia Bhd, Petronas Gas Bhd, Scientex Bhd and Khind Bhd.
The actively traded stocks included JCY International Bhd, Fintec Global Bhd, Ekovest Bhd, Permaju Industries Bhd, Iskandar Waterfront City Bhd, Vortex Consolidated Bhd, Inix Technologies Holdings Bhd and XOX Bhd.
The decliners included Malaysian Pacific Industries Bhd, Tenaga Nasional Bhd, Far East Corp Bhd, Supermax Corp Bhd, Hong Leong Bank Bhd, Tong Herr Resources Bhd and Yinson Holdings Bhd.
Reuters said Asian shares started Monday on the backfoot as investors grappled with sky-high valuations against the backdrop of a global economy in the grip of a deep coronavirus-induced recession while oil prices dropped sharply.
Japan's Nikkei was down 0.4% ahead of a heavy week of macroeconomic data with figures on household spending, current account and gross domestic product due on Tuesday, it said.
JF Apex Securities Research said US markets declined on Friday despite lower unemployment as optimism from the economy reopening failed to cushion losses in technology counters.
It said that similarly, European stocks ended lower amid gains in banking stocks and losses in tech counters.
“On the local market, the FBM KLCI erased intraday losses to climb 0.46 points to 1515.86 points.
“Following the negative performances in the US and Europe, the FBM KLCI could retest its support of 1510 points,” it said.
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