Friday 29 Mar 2024
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KUALA LUMPUR (Oct 20): The main index of Bursa Malaysia remained lacklustre in the mid-morning today in line with regional markets, while piling and foundation outfit Aneka Jaringan Holdings Bhd fell below its initial public offering (IPO) price in active trade this morning.

At 10am, the FBM KLCI was down 1.90 points to 1,516.21.

Market breadth was negative with 509 losers and 253 gainers, while 377 counters traded unchanged. Trading volume was 3.2 billion shares valued at RM1.59 billion.

The top losers included Nestle (Malaysia) Bhd, Genting Plantations Bhd, Top Glove Corp Bhd, Malaysian Pacific Industries Bhd, Mega First Corp Bhd and Focus Dynamics Group Bhd.

At 10am, Aneka Jaringan, which made its debut on the ACE Market of Bursa today, fell four sen to 29 sen with 80.5 million shares traded.

Aneka Jaringan’s IPO price was 33 sen per share.

The other actively traded stocks included Luster Industries Bhd, Mah Sing Group Bhd, XOX Bhd, AT Systematization Bhd and Lambo Group Bhd.

The gainers included Dutch Lady Milk Industries Bhd, Scientex Bhd, Latitude Tree Holdings Bhd, Mah Sing, Heineken Malaysia Bhd, Yinson Holdings Bhd and GETS Global Bhd.

Reuters said Asian stocks came under pressure today as a deadline for US lawmakers to pass an economic stimulus bill approached and record daily coronavirus infections in Europe ignited concerns about more severe lockdowns.

In early Asia trade, Australian stocks dipped at the open, while MSCI's gauge of stocks across the globe shed 0.06%. it said.

Hong Leong Investment Bank (HLIB) Research said despite closing above the critical 200-day simple moving average (SMA) support (now at 1,497 points) and with the major support trendline from the 1,474 low, the KLCI is still likely to engage in sideways consolidation mode amid rising uncertainties ahead of the US presidential election and stimulus talks impasse, coupled with a resurgence in Covid-19 infections globally and in Malaysia, which may dampen expectations for an economic and corporate earnings recovery in the second half of 2020 (2H20).

“Stocks-wise, the bright spot should continue to be the healthcare sector, with rubber glove, PPE and vaccine related stocks seen to benefit from a resurgence in Covid-19 cases worldwide.

“Key resistance [levels] are at 1,528-1,546-1,564, while the support [levels] fall on 1,510-1,497-1,488,” it said.

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