KUALA LUMPUR (Sept 1): The FBM KLCI pared some of its gains in the mid-morning today in line with tepid sentiment in regional markets.

At 10am, the KLCI was up 1.80 points at 1,527.01. The index earlier rose to a high of 1,541.99.

Losers led gainers by 460 to 441, while 363 counters traded unchanged. Trading volume was 3.13 billion shares valued at RM1.43 billion.

The top gainers included Malaysian Pacific Industries Bhd, Fraser & Neave Holdings Bhd, Hong Leong Bank Bhd, Top Glove Corp Bhd and Hong Leong Financial Group Bhd.

The actives included Lambo Group Bhd, Nova MSC Bhd, XOX Bhd, Pegasus Heights Bhd, Bumi Armada Bhd, DGB Asia Bhd and MQ Technology Bhd.

The decliners included Kuala Lumpur Kepong Bhd, KESM Industries Bhd, Kossan Rubber Industries Bhd, Petronas Chemicals Group Bhd, BIMB Holdings Bhd and Allianz Malaysia Bhd.

Bloomberg said Asian stocks drifted lower at the start of a new month after most US equities retreated even though technology shares extended their gains.

Hong Leong Investment Bank (HLIB) Research said unless there is a strong technical rebound this week to above the 1,541 (lower BB) and 1,562 (50-day simple moving average) levels, it expects the KLCI to experience further wild swings in a seasonally sluggish September (the KLCI tumbled about 1.7% in the month in 2000 to 2019), compounded by domestic political uncertainties (ahead of the Sept 26 Sabah state election) and the resurgence of Covid-19 cases in global hotspots, coupled with simmering US-China geopolitical tensions.

“Key supports are situated at 1,509-1,500-1,481, while resistances are pegged at the 1,541-1,562-1,577 levels,” it said.