KLCI slumps 0.92% in line with negative regional markets, volume swells to over 13 billion securities

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KUALA LUMPUR (Aug 12): The FBM KLCI slumped 0.92% at the midday break as investor sentiment remained on tenterhooks in line with the negative regional markets, while trading volume swelled to more than 13 billion securities.

At 12.30pm, the FBM KLCI lost 14.38 points to 1,550.36 as most of the indices were in the red.

Market breadth was negative with 780 losers and 114 gainers, while 525 counters traded unchanged. Trading volume was 13.14 billion shares valued at RM5.09 billion.

The top losers included Top Glove Corp Bhd, Supermax Corp Bhd, Kossan Rubber Industries Bhd, Rubberex Corp Bhd, Comfort Gloves Bhd, Adventa Bhd, KESM Industries Bhd, Tomei Consolidated Bhd and Notion Vtec Bhd.

The actively traded stocks included Sapura Energy Bhd, Pegasus Heights Bhd, Lambo Group Bhd, AT Systematization Bhd, Borneo Oil Bhd, Eduspec Holdings Bhd, Nexgram Holdings Bhd, XOX Bhd and Velesto Energy Bhd.

The gainers included Nestle (M) Bhd, Dutch Lady Milk Industries Bhd, Fraser & Neave Holdings Bhd, Malaysian Pacific Industries Bhd, Public Bank Bhd, Carlsberg Brewery Malaysia Bhd and Press Metal Aluminium Holdings Bhd.

Reuters said Asian stocks dipped on Wednesday on growing uncertainty over whether the US lawmakers would agree on an additional round of big fiscal stimulus to support an economy still struggling with the novel coronavirus.

Hopes of vaccine development, however, prompted some investors to reduce safe-haven assets such as gold and government bonds, and to buy back battered stocks of companies hit hardest by the virus, it said.

JF Apex Securities Research said US markets declined overnight following losses in technology counters overshadowing coronavirus vaccine developments in Russia.

It said that earlier, European stocks advanced following a US coronavirus stimulus deal.

“On the local market, the FBM KLCI lost 6.92 points to 1,564.74 points.

“Following the mixed performances in the US and Europe, the FBM KLCI could remain pressured with support at 1,550 points,” it said.