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KUALA LUMPUR (Feb 22): Bursa Malaysia’s main index fell in the midday break as glove makers pegged to the index crawled amid cautious gains in regional markets.
At 12.30 pm, the FBM KLCI fell 4.14 points to 1,580.79. The index had previously risen to a high of 1,587.51.
The winners led the losers by 453 to 380, while 726 meters traded unchanged. The trading volume was 8.12 billion shares valued at RM 3.08 billion.
The main losers were Hartalega Holdings Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, ViTrox Corp Bhd, Tasco Bhd, Mi Technovation Bhd, Nestle (M) Bhd, Malaysia Pacific Industries Bhd, Amtel Holdings Bhd, Press Metal Aluminum Holdings Bhd and Khind . Bhd.
Actively traded stocks include Key Alliance Group Bhd, Nexgram Holdings Bhd, AT Systematization Bhd, Dagang NeXchange Bhd, Velesto Energy Bhd, and Sapura Energy Bhd.
The winners were Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Pimpinan Ehsan Bhd, Malaysia Airports Holdings Bhd, Petronas Gas Bhd, Kobay Technology Bhd and Chin Teck Plantations Bhd.
Reuters said Asian stock markets rose on Monday as expectations of faster economic growth and global inflation hit bonds and boosted commodities, though rising real yields pushed stock valuations. stocks seem more stretched in comparison.
MSCI’s broader Asia-Pacific equity index outside of Japan added 0.2%, after falling from an all-time high last week when the jump in US bond yields unsettled investors, it said.
Hong Leong IB Research said that, following the possible consolidation of profit-taking on Wall Street and regional markets, and the current 4Q20 reporting season, KLCI is vulnerable to further consolidation as the index cannot exceed 1,590- 1,618 resistances.
“However, the downside risk appears limited to around 1,545-1,561 due to the planned vaccination program in Malaysia starting February 26.
“In stock selection, the launch of Malaysia’s Digital Economy Plan last Friday may trigger a follow-up business interest in potential beneficiaries in e-services, cloud, 5G and e-government-related businesses,” he said .
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