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KUALA LUMPUR (Oct 21): Bursa Malaysia’s leading index plunged 0.76% in the midday break today and fell below the 1,500 level as healthcare stocks fell, and manufacturers of Gloves were down on profit taking after the recent rally.
Meanwhile, Malaysia’s consumer price index (CPI) decreased 1.4% year-on-year in September 2020 to 120.1 from 121.8.
At 12:30 p.m., the FBM KLCI lost 11.54 points to 1,499.43.
The breadth of the market turned negative as the losers led the winners by 489 to 202, while 703 counters traded unchanged. The trading volume was 5.70 billion shares valued at RM3.66 billion.
The main losers were Hartalega Holdings Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, Kossan Rubber Industries Bhd, Comfort Gloves Bhd, Pintaras Jaya Bhd, Adventa Bhd, Rubberex Corp Bhd and Aeon Credit Service (M) Bhd.
Actively traded stocks include Luster Industries Bhd, Mah Sing Group Bhd, Pegasus Heights Bhd, Impiana Hotels Bhd, Diversified Gateway Solutions Bhd, and Vortex Consolidated Bhd.
The winners included Nestlé (M) Bhd, Khind Bhd, Kumpulan Powernet Bhd, Petronas Dagangan Bhd, Time dotCom Bhd, and ViTrox Corp Bhd.
Reuters He said Asian stocks and US equity futures rose Wednesday as renewed hopes for a new round of US stimulus drew money into government debt stocks.
MSCI’s broader Asia-Pacific stock index outside of Japan rose 0.56%. Australian shares were up 0.1%, while China shares were up 0.07%. Tokyo shares rose 0.4%, it said.
Hong Leong IB Research said that despite closing above the critical 200D SMA support (now at 1.497) and the main trend line of support from the 1.474 low, KLCI is still engaged in a tug of war between the bulls and Bearish amid mounting headwinds ahead of the US presidential elections and a resurgence of Covid-19 infections globally.
“Furthermore, more targeted blocks amid an increase in local Covid-19 broadcasts in Malaysia may dampen our expectations for an economic recovery and corporate earnings in 2H20,” he said.
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