Friday 29 Mar 2024
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KUALA LUMPUR (Nov 19): The main index at Bursa Malaysia fell 0.68% and slipped below the 1,500-point threshold as index-linked banks led the decline in line with the fall at regional markets.

At 9.05am, the FBM KLCI lost 10.93 points to 1,593.82.

The early decliners included Nestle (M) Bhd, KESM Industries Bhd, Dutch Lady Milk Industries Bhd, Public Bank Bhd, Hong Leong Bank Bhd, Petron Malaysia Refining & Marketing Bhd, Hong Leong Capital Bhd, Aeon Credit Service (M) Bhd and Hartalega Holdings Bhd.

Bloomberg said Asian stocks are poised to end their longest winning run since 1988 as restrictions to curb the coronavirus spread overshadowed progress toward a vaccine.

Treasuries gained, it said.

It said stocks had modest declines in Japan, Australia and South Korea. S&P 500 futures were little changed with the benchmark closing at its session low after New York City shut schools because of rising infections.

Inter-Pacific Research Sdn Bhd said with the toppish conditions still prevailing, the FBM KLCI’s consolidation spell is likely to continue over the near-term.

In its daily bulletin today, the research said it sees profit taking activities potentially accelerating in tandem with the overnight weakness on Wall Street as concerns over the escalating Covid-19 cases globally taking center stage again, even as the vaccines may prove to be effective in trials as mass inoculation is still some 6-8 months away.

“ We also note that a pullback will be healthy to allow some of the recent gains to be absorbed, albeit we do not think that the pullback will be sharp as there remains some pockets of support.

“Therefore, we continue to see the 1,600-points level serving as the immediate support, followed by the 1,587 level.

“The resistances, meanwhile, are at 1,611 – the year’s high, and at 1,621 points respectively,” it said.

 

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