KLCI pares loss amid heavy trade volume of 11 billion shares as glovemakers lead decliners, index seen testing 1,550 support level

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KUALA LUMPUR (Aug 10): The FBM KLCI pared some of its losses at the midday break Monday as trading volume stayed heavy, while glovemakers dominated the list of top losers, against the backdrop of regional markets spooked by US-China tensions.  

At 12.30pm, the FBM KLCI was down 0.57% or 9.01 points to 1,569.13. The index had earlier fallen to a low of 1,558.07.

Gainers led losers by 457 to 341, while 583 counters traded unchanged. Trading volume remained frenetic at 11.83 billion valued at RM4.69 billion. At the midday break last Friday, trading volume had soared to 12.49 billion shares.

The top losers included Kossan Rubber Industries Bhd, Malaysian Pacific Industries Bhd, Top Glove Corp Bhd, Supermax Corp Bhd, Hartalega Holdings Bhd, Rubberex Corp Bhd, SAM Engineering & Equipment (M) Bhd and UPA Corp Bhd.

The actively traded stocks were Borneo Oil Bhd, Pegasus Heights Bhd, XOX Bhd, AT Systematization Bhd, Vivocom International Holdings Bhd, Trive Property Holdings Bhd, Vsolar Group Bhd, Priceworth International Bhd and Sapura Energy Bhd.

The gainers included Kuala Lumpur Kepong Bhd, Milux Bhd, Inix Technology Bhd, Texchem Resources Bhd, Pharmaniaga Bhd, Duopharma Biotech Bhd, Careplus Group Bhd and Titijaya Holdings Bhd.

Reuters said Asian stocks held tight ranges on Monday as worries over flaring tensions between the United States and China weighed on sentiment although signs of a recovery in industrial activity in the world's second-largest economy capped losses.

MSCI's broadest index of Asia-Pacific shares outside Japan see-sawed between red and green but held in small ranges to stay below a 6½-month peak touched last week, it said.

Kenanga Research said the key FBM KLCI came under pressure last week, touching a low of 1,550 on Tuesday before recovering partly to settle at 1,578 on Friday.

“This represents a weekly drop of 25.6 points or 1.6%.

“On the chart, the benchmark index — after briefly testing 1,550 last week — could slide to test this immediate support level again,” it said.