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KUALA LUMPUR (May 14): The FBM KLCI crossed the 1,400-point threshold early in the trade early on Thursday as glove makers linked to the index continued to be in vogue.
Glove maker stocks advanced after the World Health Organization said Wednesday that the coronavirus causing COVID-19 could become endemic like HIV, warning against any attempt to predict how long it would continue to circulate and calling for a “massive effort “to counter it.
At 9.05am, the FBM KLCI rose 7.72 points to 1,404.85.
The main winners were Nestle (M) Bhd, Hartalega Holdings Bhd, Top Glove Corp Bhd, Kossan Rubber Industries Bhd, United Plantationa Bhd, Heineken Malaysia Bhd, Kuala Lumpur Kepong Bhd, Supermax Corp Bhd and Comfort Gloves Bhd.
Bloomberg He said Asian stocks were pulled after Federal Reserve Chairman Jerome Powell warned of economic risks and big investors fueled doubts about the valuations.
Treasury bonds had gains, he said.
Rakuten Trade in its daily market report said a less than positive outlook from the Federal Reserve further scared investors as Wall Street continues the depression.
The research house said the DJI Average lost nearly 520 points, holding on precariously to the 23,000 level, marking a decline of nearly 1,000 points in the past two days.
As such, we should see continued selloff in regional markets today as investor concern persists.
“On the local front, after a heroic performance yesterday, the FBM KLCI may see some obstacles along the way as profit-taking activities emerge.
“Therefore, we expect the benchmark to reverse yesterday’s gain at 1,390 as the immediate support level thereafter at the 1,380 mark,” he said.
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