KLCI retreats as regional markets fluctuate, index-linked banks drag

KLCI retreats as regional markets fluctuate, index-linked banks drag
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KUALA LUMPUR (Sept 23): The FBM KLCI retreated in the mid-morning today as regional markets fluctuated, while index-linked banking stocks dragged.

At 10am, the KLCI had dipped 3.27 points to 1,502.51. The index earlier rose to a high of 1,509.15.

Gainers led losers by 367 to 277, while 374 counters traded unchanged. Trading volume was 1.69 billion shares valued at RM922.42 million.

The top losers included KESM Industries Bhd, Dutch Lady Milk Industries Bhd, Hong Leong Financial Group Bhd, MMAG Holdings Bhd, United Plantations Bhd, Public Bank Bhd, Batu Kawan Bhd, Hong Leong Bank Bhd and Petronas Gas Bhd.

The actively traded stocks included Kanger International Bhd, Vsolar Group Bhd, Pasukhas Group Bhd, Bintai Kinden Corp Bhd, XOX Bhd, Ikhmas Jaya Group Bhd, JCY International Bhd and Fintec Global Bhd.

The gainers included Supermax Corp Bhd, Malaysian Pacific Industries Bhd, Hartalega Holdings Bhd, JF Technology Bhd, Scientex Bhd and Careplus Group Bhd.

Bloomberg said Asian stocks fluctuated with US futures as investors mulled remarks from US Federal Reserve (Fed) officials that pointed to a slow economic recovery.

JF Apex Securities Research said US markets rose overnight following bargain hunting across the board as better-than-expected quarterly results of Nike and KB Home lifted investor sentiment.

It said that similarly, European stocks staged a rebound despite rising cases of Covid-19.

“On the local market, the KLCI rose 6.35 points to 1,505.78.

“Following the positive performances in the US and Europe, the KLCI could stage a rebound with support at 1,475 points,” it said.