KLCI reverses gains in choppy trade as regional markets wobble

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KUALA LUMPUR (June 19): The FBM KLCI reversed its gains at midday break and hovered above the 1,500 level in choppy trade against the backdrop of wobbly regional markets.

At 12.30pm, the FBM KLCI dipped 1.72 points to 1,503.19. The index had earlier risen to a high of 1,510.70.

Gainers led losers by 345 to 258, while 620 counters traded unchanged. Trading volume was 3.35 billion shares valued at RM1.79 billion.

The decliners included Nestle (M) Bhd, Carlsberg Brewery Malaysia Bhd, Public Bank Bhd, Hong Leong Bank Bhd, Bursa Malaysia Bhd, ViTrox Corp Bhd and UMS Holdings Bhd.

The actives included Prestariang Bhd, Minetech Resources Bhd, MQ Technology Bhd, KNM Group Bhd, Bumi Armada Bhd, AT Systematization Bhd, Vortex Consolidated Bhd and Anzo Holdings Bhd.

The gainers included Petronas Dagangan Bhd, Heineken Malaysia Bhd, Allianz Malaysia Bhd, Supermax Corp Bhd, JF Technology Bhd, Top Glove Corp Bhd and Hartalega Holdings Bdh.

Reuters said Asian shares and US stock futures wobbled in choppy trade on Friday as lingering concerns about a fresh spike in coronavirus cases offset growing hopes for a quick economic recovery.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.06%. US S&P 500 e-minis moved in and out of the red, and were last up 0.23%, it said.

Kenanga Research said that yesterday, Asian stock markets mostly closed lower as investors continued to watch for the development of new Covid-19 cases.

It said back home, the FBM KLCI lost 21.41 points or 1.4% to finish at 1,504.91.

“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.