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KUALA LUMPUR (Sep 10): The FBM KLCI fell 0.94% at noon today amid negative business sentiment ahead of the Bank Negara Malaysia (BNM) monetary policy meeting later in the afternoon, as Indexed glove makers topped the losers list and the Health Index fell 6.5%.
At 12:30 p.m. M., The FBM KLCI lost 14.13 points to its intra-morning low of 1,482.59.
Market breadth was negative with 602 losers and 157 winners, while 649 counters traded unchanged. The trading volume was 4.68 billion shares valued at RM 3.23 billion.
The main losers were Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, Comfort Gloves Bhd, Careplus Group Bhd, Panasonic Manufacturing Malaysia Bhd, Pharmaniaga Bhd, Heineken Malaysia Bhd and Carlsberg Brewery Malaysia Bhd.
Stocks that were actively traded included XOX Bhd, Top Glove, AT Systematization Bhd, Parlo Bhd, Destini Bhd, Supermax, Fintec Global Bhd, and Permaju Industries Bhd.
Winners included Kuala Lumpur Kepong Bhd, PPB Group Bhd, Time dotCom Bhd, Fraser & Neave Holdings Bhd, Sarawak Plantations Bhd, Maxis Bhd, QL Resources Bhd, and MISC Bhd.
Reuters He said Asian stock markets snapped their longest losing streak since February on Thursday and rose after a rally on Wall Street, though dovish trading in the currency, commodity and bond markets suggested investors remain cautious about the prospects.
MSCI’s broader index of Asia-Pacific stocks outside of Japan gained half a percent, away from a one-month low reached Wednesday, it said.
Hong Leong IB Research said that ahead of today’s BNM meeting (OPR decision to be known around 3pm), the KLCI could make a technical rally after drifting 121 points since hitting a yearly high of 1,618 on the 28th. July, after the overnight rally in the main US indices.
“However, any rebound may be limited to close to 1,507-1,525-1,556 zones in light of national political uncertainty (with particular focus on the state elections on September 26 in Sabah), fears of a possible resurgence of Covid cases -19 in Malaysia and global hotspots (especially during the fall / winter), the growing geopolitical tension between the US and China, and the ongoing Wall Street correction. Key supports are pegged at 1,476-1,461-1,413.
“In security selection, HLIB Research reiterates a ‘buy’ rating on DRB-Hicom Bhd (TP: RM2.52, based on a 25% discount to SOP RM3.35).
“We remain positive on the action as it continues to enjoy strong growth in car sales, taking advantage of SST exemptions, along with an attractive model lineup from Proton, Honda and Mitsubishi,” he said.
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