Friday 29 Mar 2024
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KUALA LUMPUR (Aug 3): The FBM KLCI pared some of its loss in the mid-morning as index-linked glove makers Hartalega Holdings Bhd and Top Glove Corp Bhd rose against a marked improvement in Malaysia's July manufacturing data, while regional markets stayed cautious.

At 10am, the KLCI was down 8.97 points at 1,594.78. The index earlier slipped to a low of 1,592.79.

Losers led gainers by 460 to 401, while 313 counters traded unchanged. Trading volume was 2.84 billion shares valued at RM1.88 billion.

The top losers included Petronas Dagangan Bhd, Fraser & Neave Holdings Bhd, Hong Leong Financial Group Bhd, Nestle (Malaysia) Bhd, Batu Kawan Bhd, Kuala Lumpur Kepong Bhd, Genting Plantations Bhd, Tenaga Nasional Bhd (TNB), Aeon Credit Service (M) Bhd and Petron Malaysia Refining & Marketing Bhd.

The most active counters included Notion VTec Bhd, Borneo Oil Bhd, DGB Asia Bhd, LKL International Bhd, XOX Bhd, Hubline Bhd, Green Ocean Corp Bhd and Anzo Holdings Bhd.

The gainers included Malaysian Pacific Industries Bhd, Careplus Group Bhd, Hartalega, Adventa Bhd, Supermax Corp Bhd, Top Glove, Kossan Rubber Industries Bhd, HLT Global Bhd and Mega First Corp Bhd.

Reuters said Asian shares and the US dollar made a cautious start to the new month today as US lawmakers struggled to hammer out a new stimulus plan and a global surge of new coronavirus cases showed no sign of abating.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2%, though that was from a six-month top. Japan's Nikkei added 1.1%, courtesy of a pullback in the yen, while South Korean shares eased 0.3%, it reported.

Hong Leong Investment Bank (HLIB) Research said as the impact of past stimulus measures fade and given some evidence that the global recovery had already stalled amid second-wave infection fears, coupled with the lingering US-China geopolitical conflict, it remained to be seen what will help to keep global stock markets elevated in the coming weeks.

“On the domestic scene, ongoing political tussles in PH (Pakatan Harapan) and PN (Perikatan Nasional) and expectations of worsening reported numbers for 2Q20 (the second quarter of 2020 for both gross domestic product and corporate results) are the risks — we may see an extended consolidation in August.

“Technically, a successful breakout above 1,618 (July 29 high) neckline resistance would spur the index higher towards the 1,633-1,644 zones, while a sharp fall to below 1,563 would trigger further selldown in 1,510-1,538 territory,” it said.

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