KLCI reverses loss, claws to above 1,500 as Public Bank, Hong Leong Financial Group lift

KLCI reverses loss, claws to above 1,500 as Public Bank, Hong Leong Financial Group lift
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KUALA LUMPUR (Sept 22): The FBM KLCI reversed its earlier loss and clawed to above the 1,500-point level in the mid-morning today against a backdrop of weaker regional markets.

At 10am, the KLCI had added 6.26 points to 1,505.69. The index earlier slipped to a low of 1,494.93.

Losers led gainers by 372 to 341, while 395 counters traded unchanged. Trading volume was 1.82 billion shares valued at RM905.81 million.

The top gainers included Panasonic Manufacturing Malaysia Bhd, MMAG Holdings Bhd, Public Bank Bhd, Hong Leong Financial Group Bhd, Frontken Corp Bhd, Supermax Corp Bhd. Comfort Gloves Bhd, Bintai Kinden Corp Bhd and Careplus Group Bhd.

The actively traded stocks included Bintai Kinden, Lambo Group Bhd, XOX Bhd, Vsolar Group Bhd, Parkson Holdings Bhd and Pegasus Heights Bhd.

The decliners included Carlsberg Brewery Malaysia Bhd, ViTrox Corp Bhd, United Plantations Bhd, Nestle (Malaysia) Bhd, Bursa Malaysia Bhd and Lingkaran Trans Kota Holdings Bhd.

Reuters said Asian shares opened weaker today on concerns about new pandemic lockdowns in Europe and after reports were released over financial institutions allegedly moving illicit funds, hurting global banking stocks.

JPMorgan Chase & Co and Bank of New York Mellon Corp yesterday fell 3.1% and 4% respectively, while HSBC Holdings plc and Standard Chartered plc hit 25-year-lows on reports that they and others moved funds despite red flags about the origins of the money, Reuters reported.

JF Apex Securities Research said US markets plunged overnight following rising cases of coronavirus.

It said that earlier, European stocks tumbled after UK scientists said the country could see 50,000 new cases a day, coupled with tumbles of banking stocks following the allegations of dealings with suspicious funds.

“On the local market, the KLCI dropped 7.2 points to 1,499.43 points.

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