[ad_1]
KUALA LUMPUR (September 4): The FBM KLCI cut some of its losses and recovered above the 1,500 point level mid-morning today.
At 10 a.m., the KLCI was down 7.81 points to 1,507.59. The index previously slumped to a low of 1,498.72.
Market breadth remained negative with 679 losers and 177 winners, while 343 counters were traded unchanged. The trading volume was 2.16 billion shares valued at RM1.09 billion.
The main losers were Carlsberg Brewery Malaysia Bhd, Malaysia Pacific Industries Bhd, Supermax Corp Bhd, Heineken Malaysia Bhd and Kossan Rubber Industries Bhd.
Actively traded stocks include XOX Bhd, MQ Technology Bhd, Bumi Armada Bhd, AE Multi Holdings Bhd, Vsolar Group Bhd, and Nova MSC Bhd.
The main winners were Kamdar Group (M) Bhd, Top Glove Corp Bhd, UWC Bhd, Amway (Malaysia
Bloomberg He said global equities were ending the week on a pullback from recent strong gains, with the rotation of high-flying tech stocks gaining traction as investors questioned the sustainability of the elevated valuations.
JF Apex Securities Research said US markets fell overnight following a drop in tech counters, which led the rally.
He said that earlier, European stocks fell despite better-than-expected manufacturing data, as rising coronavirus cases overshadowed investor sentiment.
“In the local market, the FBM KLCI fell 22.14 points to 1,515.40 points with the institutional liquidation.
“Following bearish performances in the US and Europe, the FBM KLCI could retest its support at 1,510 points,” he said.
[ad_2]
