KLCI loses 0.72% amid heaving trading in excess of six billion shares as glove makers drag, regional markets mixed

KLCI loses 0.72% amid heaving trading in excess of six billion shares as glove makers drag, regional markets mixed
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KUALA LUMPUR (Aug 10): The FBM KLCI lost 0.72% in the mid-morning today amid some heavy trading volume in excess of six billion shares, dragged by index-linked glove makers against a backdrop of mixed regional markets.

At 10.10am, the KLCI had lost 11.32 points to 1,566.82.

Losers led gainers by 510 to 420, while 315 counters traded unchanged. Trading volume was 6.54 billion shares valued at RM2.37 billion.

The top losers included Supermax Corp Bhd, Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, Top Glove Corp Bhd, Malaysian Pacific Industries Bhd, Comfort Gloves Bhd, Rubberex Corp (M) Bhd and HLT Global Bhd.

The actively traded stocks included Borneo Oil Bhd, Pegasus Heights Bhd, Vivocom Intl Holdings Bhd, XOX Bhd, Priceworth International Bhd, Trive Property Group Bhd, Compugates Holdings Bhd and Lambo Group Bhd.

The gainers included Nestle (Malaysia) Bhd, Pharmaniaga Bhd, Duopharma Biotech Bhd, Texchem Resources Bhd, Inix Technologies Holdings Bhd, Titijaya Land Bhd, Oversea Enterprise Bhd, Mega First Corp Bhd and Ho Wah Genting Bhd.

Bloomberg said the US dollar was steady at the start of the trading week and stocks opened mixed as investors weighed uncertainty over the timing of a stimulus package from Washington and looked ahead to this week’s expected review of the US-China trade pact.

Oil climbed, it said.

Brent crude futures were up 40 cents, or 0.9%, at US$44.80 (RM187.94) a barrel.

Hong Leong Investment Bank (HLIB) Research said following the frenzy and irrational buying in the last few days, it expects penny stocks, ACE Market-listed shares and lower liners to succumb to heavy profit-taking activity and dampen broader market sentiment.

“Confidence could be further affected in the wake of ongoing domestic political uncertainties, a subdued August reporting season and sluggish 2Q20 GDP (gross domestic product for the second quarter of 2020), resurgence of Covid-19 cases and intensified US-China geopolitical tension.

“Weekly supports are situated at 1,549-1,565, while resistances are pegged at the 1,591-1,600 levels,” it said.