[ad_1]
KUALA LUMPUR (Sept 3): FBM KLCI lost 0.87% in the midday break today as losses, including those of Hartalega Holdings Bhd and Tenaga Nasional Bhd, dragged the index down, while regional markets they held firm after the overnight rally on Wall Street.
At 12:30 p.m., the FBM KLCI fell 13.37 points to 1,524.17.
Market breadth was negative with 502 losers and 259 winners, while 677 counters traded unchanged. The trading volume was 5.09 billion securities valued at RM2.86 billion.
The main losers were Nestlé (M) Bhd, Dutch Lady Milk Industries Bhd, Kossan Rubber Industries Bhd, PPB Group Bhd, Maxis Bhd, Duopharma Biotech Bhd, Apex Healthcare Bhd, Hartalega and Tenaga Nasional.
Actively traded stocks include Pegasus Heights Bhd, Permaju Industries Bhd, Pasukhas Group Bhd, MQ Technology Bhd, Iris Corp Bhd, and JCY International Bhd.
The winners were Lysaght Galvanized Steel Bhd, ViTrox Corp Bhd, Malaysia Pacific Industries Bhd, Teck Guan Perdana Bhd, Hong Leong Financial Group Bhd, Time dotCom Bhd and Sarawak Consolidated Industries Bhd.
Reuters He said Asian stocks got off to a strong start on Thursday as a sustained recovery in China’s service sector and the prospect of additional stimulus from the United States stimulated risk appetite, while the US dollar cut gains.
MSCI’s broader Asia-Pacific equity index outside of Japan rose 0.5%, posting its third straight session of gains to hover near a recent two-and-a-half-year high, it said.
Hong Leong IB Research said that following the conclusion of the 2Q20 reporting season, there could be a potential shift from predominantly pandemic-themed proxies to recovery-focused proxies in the short term as investors may begin to lighten their positions. in glove stocks due to significant progress. in the development of Covid-19 vaccines as well as in the treatment methodology lately.
“We reiterate to KLCI to extend its range cap consolidation mode (1,500-1,600) in a seasonally weak September exit (KLCI fell ~ 1.7% between 2000 and 2019), compounded by domestic political uncertainty (ahead of state elections September 26), the resurgence of Covid-19 cases at global hotspots along with growing geopolitical tension between the United States and China.
“However, downside risks are limited as the local financial system remains awash with short-term liquidity and expectations for another 0.25% OPR cut on September 10,” he said.
[ad_2]
