KUALA LUMPUR (July 15): The FBM KLCI retreated at the midday break today as index-linked glove makers weighed on profit taking, against the backdrop of muted gains at regional markets as Chinese stocks fell following Beijing’s vow of retaliatory sanctions against the United States.
At 12.30pm, the FBM KLCI dipped 3.53 points to 1,595.22. The index had earlier risen to a high of 1,605.26.
Gainers edged losers by 343 to 275, while 676 counters traded unchanged. Trading volume was a brisk 4.22 billion shares valued at RM2.79 billion shares.
The top losers included Top Glove Corp Bhd, Supermax Corp Bhd, Kossan Rubber Industries Bhd, Dutch Lady Milk Industries Bhd, Carlsberg Brewery Malaysia Bhd, Ajinomoto (M) Bhd, JF Technology Bhd, Negri Sembilan Oil Palms Bhd and Hartalega Holdings Bhd.
The actively traded stocks included Trive Property Group Bhd, PDZ Holdings Bhd, Reservoir Link Energy Bhd, AT Systematization Bhd, JCY International Bhd, Careplus Group Bhd, Eduspec Holdings Bhd and Sanichi Technology Bhd.
The gainers included Pharmaniaga Holdings Bhd, Nestle (Malaysia) Bhd, Hong Leong Bank Bhd, PPB Group Bhd, Hap Seng Consolidated Bhd, Duopharma Biotech Bhd, Frontken Corp Bhd, Petronas Dagangan Bhd, Kumpulan Powernet Bhd and Kim Loong Resources Bhd.
Reuters said Asian shares pared gains on Wednesday, led by losses in Chinese stocks, after Beijing vowed retaliatory sanctions against the United States, while the euro rose to a four-month high on the prospect of stimulus ahead of a crucial EU summit.
US President Donald Trump on Tuesday ordered an end to Hong Kong's special status under US law to punish China for what he called "oppressive actions" against the former British colony, prompting a warning from China, it said.
JF Apex Securities Research said US markets rose overnight following corporate results and developments in the coronavirus vaccine.
It said that earlier, European stocks tumbled as rising coronavirus cases affected investor sentiment.
“On the local bourse, the FBM KLCI declined 7.68 points to 1,598.75 points after failing to breach the resistance of 1,615 points.
“Following the mixed performances in the US and Europe, the FBM KLCI could hover sideways below the resistance of 1,615 points,” it said.