KUALA LUMPUR (April 13): The FBM KLCI reversed its loss and edged higher at the midday break today, but remained subdued in line with regional markets as investors remained pressured by the Covid-19 pandemic.

At 12.30pm, the benchmark index gained 0.74 points to 1,358.24. The index had earlier slipped to a low of 1,352.78.

Losers led gainers by 298 to 255, while 445 counters traded unchanged. Trading volume was 1.67 billion shares valued at RM745.43 million.

The gainers included Chin Teck Plantations Bhd, Top Glove Corp Bhd, Allianz Malaysia Bhd, United Plantations Bhd, Pharmaniaga Bhd, Genting Bhd and Bursa Malaysia Bhd.

The actives included Minetech Resources Bhd, Bumi Armada Bhd, Velesto Energy Bhd, Hibiscus Petroleum Bhd, Careplus Group Bhd, Lambo Group Bhd, KNM Group Bhd and Sapura Energy Bhd.

The decliners included Ajinomoto (M) Bhd, Aeon Credit Service (M) Bhd, Hong Leong Financial Group Bhd, PMB Technology Bhd, Sime Darby Plantation Bhd, Latitude Tree Holdings Bhd, Pentamaster Corp Bhd and Hap Seng Consolidated Bhd.

Reuters reported that most Southeast Asian stock markets were subdued on Monday, as an agreement by OPEC and its allies to slash oil output did little to calm investors plagued by the incessant spread of the new coronavirus, while Philippine shares rose on hopes of policy easing.

The Organization of the Petroleum Exporting Countries and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the pandemic, it said.

Kenanga IB Research said Asian stocks finished mixed last Friday, as markets in Hong Kong and Singapore were closed for Good Friday.

It said back home, the FBM KLCI lost 12.26 points or 0.9% to finish at 1,357.5, as the government announced an extension of movement control order until the end of April.

The research house said chart-wise, the index remains below its key SMAs.

“Nonetheless, coupled with a bullish MACD signal, we may see a continuation of recent intermittent technical rebounds from an oversold position. On the chart, our support levels remain at 1,360 (S1) and 1,310 (S2).

“This comes as the benchmark index — which is hovering just slightly under our first support level — may continue to ride on the technical rebound towards 1,400 (R1).

“Should the momentum persist, the FBM KLCI could attempt to close the gap on the chart (that was opened in mid-March) to test the second resistance level of 1,420 (R2),” it said.