KLCI drifts higher but struggles to breach 1,600-point level as regional markets see muted trade

KLCI drifts higher but struggles to breach 1,600-point level as regional markets see muted trade
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KUALA LUMPUR (July 22): The FBM KLCI drifted higher in the mid-morning but struggled to breach the crucial 1,600-point threshold as regional markets traded muted.

At 10am, the KLCI had added 0.11 points to 1,596.04. The index earlier slipped to a low of 1,593.65.

Gainers led losers by 383 to 355 in choppy trade, while 375 counters traded unchanged. Trading volume was 2.68 billion shares valued at RM1.13 billion.

Gainers in the mid-morning included Pharmaniaga Bhd, Duopharma Biotech Bhd, Apex Healthcare Bhd, YSP Southeast Asia Holding Bhd, Ocean Vantage Holdings Bhd, Chemical Company of Malaysia Bhd, Mega First Corp Bhd and JF Technology Bhd.

Actively traded stocks included Sapura Energy Bhd, Vortex Consolidated Bhd, Lambo Group Bhd, Velesto Energy Bhd, Ocean Vantage, Barakah Offshore Petroleum Bhd and Hubline Bhd.

Decliners included Hartalega Holdings Bhd, Nestle (Malaysia) Bhd, Supermax Corp Bhd, Kossan Rubber Industries Bhd, Carlsberg Brewery Malaysia Bhd and Top Glove Corp Bhd.

Bloomberg said Asian stocks saw a muted start to trading today, after a mixed US session, on doubts over the timing of a fresh stimulus programme.

The US dollar extended losses, it said.

JF Apex Securities Research said US markets were mixed with the Dow and S&P rising, but the Nasdaq declined amid corporate earnings reports.

It said European stocks advanced after European Union (EU) leaders agreed on a €750 billion (RM3.69 trillion) coronavirus recovery fund.

“On the local market, the FBM KLCI rose 6.48 points to 1,595.93 points.

“Following mixed performances in the US and Europe, the FBM KLCI could continue to hover below the resistance at 1,615 points,” it said.