KUALA LUMPUR (May 22): The FBM KLCI fell 0.65% at the midday break in line with regional markets rattled by US-China overtures over a new security law in Hong Kong, but was still set for its biggest weekly gain since the week ended April 17.
At 12.30pm, the FBM KLCI lost 9.42 points to 1,442.69.
Losers led gainers by 549 to 141, while 564 counters traded unchanged. Trading volume was an active 3.77 billion shares valued at RM2.26 billion.
The top losers included British American Tobacco (M) Bhd, Petron Malaysia Refining & Marketing Bhd, UEM Edgenta Bhd, Kossan Rubber Industries Bhd, Time Dotcom Bhd, Chin Teck Plantations Bhd, Carlsberg Brewery Malaysia Bhd, Petronas Gas Bhd and Telekom Malaysia Bhd.
The actives included Velesto Energy Bhd, KNM Group Bhd, GD Express Carrier Bhd, Bumi Armada Bhd, Media Prima Bhd, MSM Malaysia Holdings Bhd, Comfort Gloves Bhd and Hibiscus Petroleum Bhd.
The gainers included Nestle (M) Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, Ayer Holdings Bhd, Southern Acids (M) Bhd, Maxis Bhd and Fraser & Neave Holdings Bhd.
Reuters said Southeast Asian stock markets slid on Friday, with Singapore losing the most, as the United States and China sparring over a new Hong Kong security law kept investors away from riskier assets and led to a sharp selloff across global equities.
Tensions flared between the world's two biggest economies as US President Donald Trump warned Washington would react "very strongly" if Beijing imposed national security laws on Hong Kong after last year's pro-democracy protests, it said.
Kenanga Research said Asian stocks mostly closed lower yesterday as investors remain cautious and continue to monitor the reopening of economies amid Covid-19 outbreak.
It said back home, the FBM KLCI rose 16.99 points or 1.18% to finish at 1,452.11.
“Following the formation of a 'Golden Cross', the index continues to be in an attempt to close the gap that was opened during the mid-March market meltdown.
“On the chart, our support levels stand at 1,400 (S1) and 1,360 (S2).
“On the upside, our resistance levels are seen at 1,460 (R1) and 1,500 (R2),” it said.