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KUALA LUMPUR (Oct 20): Bursa Malaysia’s main index remained mediocre as of mid-morning today in line with regional markets, while Piling and Foundation group Aneka Jaringan Holdings Bhd fell below its public offering price initial (IPO) in active trade this morning.
At 10 in the morning, the FBM KLCI fell 1.90 points to 1,516.21.
The amplitude of the market was negative with 509 losers and 253 winners, while 377 counters were traded unchanged. The trading volume was 3.2 billion shares valued at RM1.59 billion.
The main losers were Nestlé (Malaysia) Bhd, Genting Plantations Bhd, Top Glove Corp Bhd, Malaysia Pacific Industries Bhd, Mega First Corp Bhd and Focus Dynamics Group Bhd.
At 10am, Aneka Jaringan, which debuted on the Bursa ACE market today, fell four sen to 29 sen with 80.5 million shares traded.
The IPO price of Aneka Network was 33 cents a share.
The other stocks that are actively traded include Luster Industries Bhd, Mah Sing Group Bhd, XOX Bhd, AT Systematization Bhd and Lambo Group Bhd.
The winners were Dutch Lady Milk Industries Bhd, Scientex Bhd, Latitude Tree Holdings Bhd, Mah Sing, Heineken Malaysia Bhd, Yinson Holdings Bhd and GETS Global Bhd.
Reuters He said Asian stocks came under pressure today as the deadline for US lawmakers to pass an economic stimulus bill approached and the daily record of coronavirus infections in Europe raised concerns about more severe lockdowns.
In early Asia trading, Australian stocks fell at the open, while MSCI’s indicator of stocks worldwide lost 0.06%. He said.
The Hong Leong Investment Bank (HLIB) research said that despite closing above the critical support of the 200-day Simple Moving Average (SMA) (now at 1,497 points) and with the main support trend line from the low of 1,474, the KLCI is likely to engage sideways in consolidation mode amid mounting uncertainties ahead of the US presidential election and stalled stimulus talks, along with a resurgence of Covid-19 infections across the board. global and in Malaysia, which may dampen expectations of a recovery in economic and corporate earnings in the second half of 2020 (2H20).
“In terms of stocks, the bright spot should continue to be the healthcare sector, and stocks related to rubber gloves, PPE and vaccines are seen to benefit from a resurgence of Covid-19 cases around the world.
“Key resistance [levels] are at 1.528-1.546-1.564, while the support [levels] they fall to 1,510-1,497-1,488, ”he said.
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