KUALA LUMPUR (Sept 4): The FBM KLCI dropped back into negative zone before the midday break — after gyrating from a slump of 1% and clawing to a positive position earlier — against a backdrop of weaker regional markets.

At 12.30pm, the KLCI was down 2.06 points at 1,513.34. The index earlier clawed to a high of 1,519.28 after falling to a low of 1,498.72 in early morning trade.

At 12.30pm, losers led gainers by 469 to 225, while 681 counters traded unchanged. Trading volume was 4.33 billion shares valued at RM2.36 billion.

The top losers included Carlsberg Brewery Malaysia Bhd, Kossan Rubber Industries Bhd, Dupharma Biotech Bhd, CSC Steel Holdings Bhd, Heineken Malaysia Bhd, Supermax Corp Bhd, ViTrox Corp Bhd, Nestle (Malaysia) Bhd and Kuala Lumpur Kepong Bhd,

The actively traded stocks included XOX Bhd, AE Multi Holdings Bhd, MQ Technology Bhd, Bumi Armada Bhd, NetX Holdings Bhd and Fintec Global Bhd,

The gainers included Hartalega Holdings Bhd, Lysaght Galvanized Steel Bhd, Ayer Holdings Bhd, Kamdar Group (M) Bhd, Hong Leong Bank Bhd and Sungei Bagan Rubber Company (Malaya) Bhd.

Reuters said Asian stock markets had their worst session in two weeks today following a tech-led plunge on Wall Street, though gains in safer assets like bonds and dollars were muted as investors awaited US jobs data to see if it triggers a bigger sell-off.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.6% and looked set for a 2.4% weekly loss, its biggest since April, Reuters reported.

Hong Leong Investment Bank (HLIB) Research reiterated that the KLCI was extending its range-bound consolidation mode in a seasonally weak September outing, compounded by domestic political uncertainties (ahead of the Sept 26 Sabah state election), the resurgence of Covid-19 cases in global hotspots, escalating US-China geopolitical tensions coupled with a volatile Wall Street amplified by worries about a Covid-19 resurgence in the fall and winter, as well as the stalemate in US Congress over additional pandemic aid coupled with heightened political uncertainties ahead of the US presidential election on Nov 3.

“Key supports are situated at 1,509-1,500-1,476, while resistances are pegged at the 1,538-1,548-1,564 levels,” it said.