KLCI pauses in line with regional markets, selected glove makers halt uptrend

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KUALA LUMPUR (June 17): The FBM KLCI paused in line with its regional peers at the midday break Wednesday as sellers overtook buyers, while shares in selected glove makers also halted their recent uptrend.

At 12.30pm, the benchmark index was down 3.25 points to 1,514.46. The index had earlier risen to a high of 1,528.63.

Losers led gainers by 374 to 239, while 615 counters traded unchanged. Trading volume was 4.19 billion shares valued at RM1.83 billion.

The top losers included Top Glove Corp Bhd, Nestle (M) Bhd, Kuala Lumpur Kepong Bhd, Fraser & Neave Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Supermax Corp Bhd, Rubberex Corp Bhd, PPB Group Bhd, Malaysian Pacific Industries Bhd and Comfort Gloves Bhd.

The actives included AT Systematization Bhd, UCrest Bhd, NetX Holdings Bhd, Green Packet Bhd, Lambo Group Bhd, Prestariang Bhd and KNM Group Bhd.

The gainers included Petronas Dagangan Bhd, Manulife Holdings Bhd, SAM Engineering & Equipment (M) Bhd, Heineken Malaysia Bhd, Greatech Technology Bhd, Kossan Rubber Industries Bhd and Hong Leong Financial Group Bhd.

Reuters wrote that Asian share markets took a breather on Wednesday as a resurgence of coronavirus cases challenged market confidence in a rapid economic recovery, even as the rebound in US retail sales in May broke all records.

Geopolitics also lurked as a worry with India reporting 20 of its soldiers had been killed in clashes with Chinese troops at a disputed border site, it said.

Kenanga Research said yesterday, Asian stocks ended on a higher note as investors took a cue from Wall Street’s overnight gains, which were fueled by US Federal Reserve’s fresh stimulus.

It said back home, the FBM KLCI rose 18.88 points or 1.26% to finish at 1,517.71.

“Following the formation of a 'Golden Cross', the index managed to close the gap that was opened during the mid-March market meltdown, which sees it now trading above all of its key-SMAs.

“On the chart, our support levels are identified at 1,450 (S1) and 1,410 (S2).

“On the upside, our resistance levels are at 1,530 (R1) and 1,590 (R2),” it said.