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KUALA LUMPUR (Oct 6): A bearish sell among index-linked glove stocks, growing investor concern over a second national lockdown, and political uncertainty sent FBM KLCI down 0.2%.
At the closing bell, the local benchmark index fell 2.96 points to 1,509.47 points.
According to Jeffry Aziz, sender at Maybank Investment Bank, sentiment in the local market is not positive at this time given the increase in Covid-19 cases nationwide, as well as fears about a second lockdown nationwide.
Investors and traders are also making a profit on glove stocks. It is important to note that the FBM KLCI is above the 1,500 support level, ”he said.
The falls seen in Top Glove Corp Bhd, Hartalega Holdings Bhd and IOI Corp Bhd dragged the index lower.
Market breadth was also negative, with 704 accountants posting declines versus 263 accountants posting profits and 514 accountants ending trading unchanged.
The trading volume stood at 6.03 billion shares, with a current turnover of RM3.80 billion.
The decline observed today in the Malaysian equity market was not the case for regional markets. The Shanghai Composite Index was down 0.20% or 6.31 points to 3,218.05 points, while its southern neighbor, the Hong Kong Hang Seng was up 0.90% or 212.87 points to 23,980.65. points.
Japan’s Nikkei 225 was up 0.52% or 121.59 points to 23,433.73, while South Korea’s Kospi was up 0.34% or 7.90 points to 2,365.90 points.
The rise in global stocks came on the heels of US President Donald Trump leaving the hospital, as well as signs of increased economic stimulus from the world’s largest economy.
“Wall Street and most of Asia came together overnight after Trump’s return from the Walter Reed Medical Center military hospital on the outskirts of Washington eased nerves about the possible disruption of next month’s presidential election.” Reuters He said.
Trump returned to the White House on Monday after a three-night stay in the hospital and said he was feeling “very good,” although one of his doctors warned he would not be out of the woods until later in the week.
Hopes for US stimulus were still bubbling in the background after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke on the phone for about an hour and said they were preparing. to speak again on Tuesday, “he reported.
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