KUALA LUMPUR (Aug 19): The FBM KLCI drifted lower in the mid-morning today, dragged by select index-linked stocks including Hartalega Holdings Bhd and Public Bank Bhd.

At 10am, the KLCI had dipped 2.50 points to 1,575.35.

Gainers led losers by 448 to 308, while 350 counters traded unchanged. Trading volume was 2.77 billion shares valued at RM2.06 billion.

The top losers included Petronas Dagangan Bhd, Carlsberg Brewery Malaysia Bhd, Malaysian Pacific Industries Bhd, Hartalega, Kossan Rubber Industries Bhd, Supermax Corp Bhd, British American Tobacco (Malaysia) Bhd, Fraser & Neave Holdings Bhd (F&N) and Public Bank.

The actively traded stocks included XOX Bhd, EA Holdings Bhd, Borneo Oil Bhd, Notion VTec Bhd, Lambo Group Bhd, Sapura Energy Bhd, HLT Global Bhd, Vsolar Group Bhd and LKL International Bhd.

The gainers included Ajinomoto (Malaysia) Bhd, Panasonic Manufacturing Malaysia Bhd, Greatech Technology Bhd and Adventa Bhd.

Reuters said Asian equities were mostly firmer today after a strong Wall Street session in which the S&P 500 hit an all-time high, rebounding from huge losses caused by the coronavirus pandemic.

Both the S&P 500 and Nasdaq Composite set records soon after the opening bell following strong sales growth reported by major US retailers, including Walmart, Kohl's and The Home Depot, it reported.

Meanwhile, JF Apex Securities Research said US markets were flat overnight with the S&P inching towards a record high amid corporate earnings and coronavirus stimulus talks.

It said that earlier, European stocks declined following concerns over US-China tensions and rising coronavirus cases.

“On the local market, the KLCI surged 17.11 points to 1,577.85 points.

“Following the mixed performances in the US and Europe, the KLCI could remain sideways above the support of 1,550 points,” it said.