KLCI reverses gains as Hartalega, MISC weigh

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KUALA LUMPUR (Sept 21): The FBM KLCI reversed earlier gains and drifted lower in the mid-morning today, weighed by losses including at Hartalega Holdings Bhd and MISC Bhd, as regional markets drifted.

At 10am, the KLCI was down 2.66 points at 1,503.97. The index earlier rose to a high of 1,511.77.

Market breadth turned negative with 475 losers and 319 gainers, while 363 counters traded unchanged. Trading volume was 1.98 billion shares valued at RM800.7 million.

The top losers included Fraser & Neave Holdings Bhd (F&N), Hong Leong Financial Group Bhd, Heineken Malaysia Bhd, Kotra Industries Bhd, Greatech Technology Bhd, Gas Malaysia Bhd, Hartalega and MISC.

The actively traded stocks included Metronic Global Bhd, Sapura Energy Bhd, Rimbunan Sawit Bhd, Iris Corp Bhd, TDM Bhd and XOX Bhd.

The gainers included Scientex Bhd, United Plantations Bhd, MMAG Holdings Bhd, Kuala Lumpur Kepong Bhd, Carlsberg Brewery Malaysia Bhd, LPI Capital Bhd, Sarawak Oil Palms Bhd and Ajinomoto (Malaysia) Bhd.

Bloomberg said US stock futures opened with declines, while equities in Asia were set for a softer start after a dip on Wall Street last Friday.

The offshore yuan edged higher, it said.

JF Apex Securities Research said US markets tumbled last Friday as the selldown of technology counters continued.

It said that earlier, European stocks declined after a spike in coronavirus cases dampened the economic recovery.

“On the local market, the KLCI lost 6.44 points to 1,506.63 points.

“Following the negative performances in the US and Europe, the KLCI could trend lower towards the support [level] at 1,475 points,” it said.