KUALA LUMPUR (Oct 15): The main index of Bursa Malaysia had pared some of its loss at the midday break as select index-linked banking stocks helped cushion negative sentiment on the local bourse against a backdrop of weaker global markets.
At 12.30pm, the FBM KLCI was down 3.69 points at 1,519.56. The index earlier slipped to a low of 1,512.96.
Losers led gainers by 352 to 273, while 704 counters traded unchanged. Trading volume was 3.59 billion shares valued at RM2.75 billion.
The top losers included Fraser & Neave Holdings Bhd (F&N), Rubberex Corp (M) Bhd, Carlsberg Brewery Malaysia Bhd, Supermax Corp Bhd, Kossan Rubber Industries Bhd, Dutch Lady Milk Industries Bhd, Hap Seng Plantations Holdings Bhd, IOI Corp Bhd and Perusahaan Sadur Timah Malaysia (Perstima) Bhd.
The actively traded stocks included Metronic Global Bhd, Luster Industries Bhd, Samaiden Group Bhd, Advance Synergy Bhd, Key Alliance Group Bhd and Careplus Group Bhd.
The gainers included Nestle (Malaysia) Bhd, Samaiden, Bursa Malaysia Bhd, Scientex Bhd, AME Elite Consortium Bhd, United Plantations Bhd, British American Tobacco (Malaysia) Bhd, CIMB Group Holdings Bhd, Malayan Banking Bhd (Maybank) and Public Bank Bhd.
Reuters said global shares slipped today as investors locked in recent gains amid rising concerns about resurgent Covid-19 infections and after US Treasury Secretary Steven Mnuchin dashed any remaining hopes of a stimulus package before the Nov 3 election.
MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.5%, while Japan's Nikkei dropped 0.5%, it said.
Hong Leong Investment Bank (HLIB) Research said barring any sharp pullback to below the 1,500-point support level, the KLCI’s near-term technical outlook had turned mildly positive (with short-term targets at the 1,532-1,564 levels) following a successful downtrend line breakout from the year-to-date (YTD) high of 1,618.
“However, the tug of war between bears and bulls may stay for a while to cap further rally in the wake of nagging headwinds, such as domestic political uncertainties, surging [new] Covid-19 cases and clusters in Malaysia, the vaccines’ progress and the US presidential election on Nov 3,” it said.