Friday 29 Mar 2024
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KUALA LUMPUR (April 24): The FBM KLCI had pared some of its loss at the midday break as index-linked glove makers scaled new highs following the extension of the movement control order (MCO) until May 12.

At 12.30pm, the KLCI was down 7.64 points at 1,374. The index earlier dropped to a low of 1,367.49.

Gainers overtook losers by 310 to 260, while 474 counters were unchanged. Trading volume was 2.59 billion shares, valued at RM1.15 billion.

The top losers included Nestle (Malaysia) Bhd, Petronas Dagangan Bhd, Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Hong Leong Industries Bhd, Genting Plantations Bhd, DiGi.Com Bhd and Malaysia Airports Holdings Bhd.

Actively traded stocks included Sanichi Technology Bhd, Velesto Energy Bhd, AirAsia X Bhd, Careplus Group Bhd, Tiger Synergy Bhd, Hibiscus Petroleum Bhd, Astro Malaysia Holdings Bhd and Hubline Bhd.

The gainers included United Plantations Bhd, Top Glove Corp Bhd, Adventa Bhd, Kossan Rubber Industries Bhd, Supermax Corp Bhd, Hartalega Holdings Bhd, Far East Holdings Bhd and Pharmaniaga Bhd.

Top Glove gained 3.77% to RM7.16, while Hartalega added 1.33% to RM7.60.

Reuters said most Southeast Asian stock markets fell today as lockdown extensions in parts of the region and weak global economic data reminded investors of the damage caused by the Covid-19 pandemic.

Also hitting sentiment was a report claiming Gilead Sciences Inc's experimental Covid-19 drug failed its first randomised clinical trial, it said.

Kenanga Research said Asian stocks ended mixed yesterday, following a rebound in the crude oil price and investors continued to be mindful of the economic impact of the Covid-19 outbreak.

It said back home, the KLCI lost 0.25 points (-0.02%) to finish at 1,381.64.

“Chart-wise, the index — following its rebound from the previous oversold position to close the gap opened during the mid-March market meltdown — could face renewed selling pressure ahead after testing but failing to break above its 50-day SMA (simple moving average).

“On the chart, our support levels now stand at 1,360 (S1) and 1,310 (S2). On the upside, we have set our resistance levels at 1,400 (R1) and 1,420 (R2),” it said.

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