Thursday 28 Mar 2024
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KUALA LUMPUR (June 10): The FBM KLCI erased its earlier loss and clawed back at mid-morning as Hartalega Holdings Bhd and Malayan Banking Bhd (Maybank) lifted the index against the backdrop of the start of the Recovery Movement Control Order (RMCO) and mostly lower regional markets.

At 10am, the FBM KLCI rose 1.49 points to 1,576.65. The index had earlier slipped to a low of 1,570.45.

Market breadth was positive with 488 gainers and 263 losers, while 378 counters traded unchanged.

Trading volume was 1.97 billion shares valued at RM1.11 billion.

The top gainers included G3 Global Bhd, Hartalega Holdings Bhd, Top Glove Corp Bhd, Kumpulan Powernet Bhd, Yinson Holdings Bhd, SAM Engineering & Equipment Bhd, Panasonic Manufacturing Malaysia Bhd and Euro Holdings Bhd.

The actives included Powerwell Holdings Bhd, Ekovest Bhd, Lion Industries Bhd, Hubline Bhd, VS Industry Bhd, AirAsia Group Bhd, XOX Bhd and Sanichi Technology Bhd.

The decliners included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Kossan Rubber Industries Bhd, Malayan Banking Bhd, Mesiniaga Bhd, Can-One Bhd, Willowglen Holdings Bhd and Tune Protect Group Bhd.

Reuters said Asian equities slipped today after most US stocks pared gains made during their recent rally, although the Nasdaq benchmark reached its second straight day of record high as oil prices rose.

Investors adopted a more cautious stance as attention turned to the US Federal Reserve, which wraps up its two-day meeting later today, it said.

Hong Leong IB Research said KLCI surged as much as 34.5 points to 1,590.8 (+31.7% from Covid-19 bottom) before paring its gains to 18.8 points at 1,575.2 yesterday on profit taking.

It said with the formation of a bearish shooting star pattern and grossly overbought indicators, KLCI is expected to witness some healthy profit taking consolidation in the near term to neutralise the steeply overbought levels.

"As long as the key support at 1,540 (long-term downtrend resistance-turned-support) is not violated, KLCI is still likely to retest our envisaged 1,600-1,612 territory after a brief pullback," it said.

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