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KUALA LUMPUR (Sept 24): Bursa Malaysia’s main index briefly reversed its mid-morning loss as index-linked glove manufacturers came to the fore, while overall market sentiment remained negative in line with regional stock markets.
At 10 a.m., the KLCI had risen 0.02 points to 1,496.50. The index previously fell to a low of 1,492.98.
Market breadth, however, remained negative with 438 losers and 266 winners, while 361 counters traded unchanged. The trading volume was 1.28 billion shares valued at RM763.14 million.
The winners were led by Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, United Plantations Bhd and Careplus Group Bhd.
Actively traded stocks include Advance Synergy Bhd, Lambo Group Bhd, Kanger International Bhd, Permaju Industries Bhd, MMAG Holdings Bhd, Sapura Energy Bhd, and Velesto Energy Bhd.
Those that declined were Nestlé (Malaysia) Bhd, KESM Industries Bhd, Kuala Lumpur Kepong Bhd, Carlsberg Brewery Malaysia Bhd, PPB Group Bhd, Greatech Technology Bhd, and Petronas Chemicals Group Bhd.
Reuters He said Asian stocks opened lower today, following a Wall Street session sharply lower amid fresh concerns that the global economic recovery could be losing steam.
US stocks fell yesterday after data showed business activity slowed in September, with gains in factories more than offset by a setback in service industries, it reported.
JF Apex Securities Research said US markets tumbled overnight following a sell off at tech counters and concerns about Covid-19.
He said that earlier, European stocks rose after slower economic data raised the possibility of further stimulus measures.
“In the local market, the KLCI fell 9.30 points to 1,496.48 points after political uncertainty.
“After mixed performances in the US and Europe, the KLCI could remain laterally above support at 1,475 points,” he said.
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