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KUALA LUMPUR (September 10): The KLCI FBM reversed previous gains and fell below the 1,500 point level by mid-morning, as losses from indexed glove makers dragged against firmer regional markets.
At 10 a.m., the KLCI had dropped 7.49 points to 1,489.23. The index previously rose to a high of 1,504.03.
The losers led the winners by 480 to 292, while 368 counters were traded unchanged. The trading volume was 1.73 billion shares valued at RM1.13 billion.
The main losers were Nestlé (Malaysia) Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Top Glove Corp Bhd, Careplus Group Bhd, Panasonic Manufacturing Malaysia Bhd and Pharmaniaga Bhd.
Actively traded stocks include XOX Bhd, Parlo Bhd, Destini Bhd, Top Glove, GETS Global Bhd, Avillion Bhd, AT Systematization Bhd, and Fintec Global Bhd.
Winners included PPB Group Bhd, TIME dotCom Bhd, Heineken Malaysia Bhd, SAM Engineering & Equipment (M) Bhd, Malaysia Pacific Industries Bhd, GETS Global, Fraser & Neave Holdings Bhd, and Allianz Malaysia Bhd.
Bloomberg He said Asian stocks rose today as renewed market leadership by tech stocks flowed through the late night Wall Street session.
The US dollar leveled off after the declines, it reported.
JF Apex Securities Research said US markets rose overnight following the rally in tech counters following a three-day losing streak.
He said that before, European stocks advanced, led by technology and telecommunications stocks.
“In the local market, the FBM KLCI fell 22.60 points to 1,496.72 points.
“Following the rally on Wall Street, the FBM KLCI could rise today with support at 1,480 points,” he said.
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