KUALA LUMPUR (Feb 20): The FBM KLCI drifted lower at the midday break, tracking regional markets, as Malaysia Airports Holdings Bhd (MAHB) and Top Glove Corp Bhd dragged.

At 12.30pm, the FBM KLCI shed 0.22 points to 1,533.94. The index had earlier risen to a high of 1,538.27.

Losers led gainers by 324 to 241, while 519 counters traded unchanged. Volume was 1.67 billion shares valued at RM1.01 billion.

The top decliners included Nestle (M) Bhd, PPB Group Bhd, Kuala Lumpur Kepong Bhd, MAHB, Top Glove, Manulife Holdings Bhd, KKB Engineering Bhd, G3 Global Bhd and IGB Bhd.

The actives included InNature Bhd, Powerwell Holdings Bhd, DGB Asia Bhd, XOX Bhd, My EG Services Bhd, JAG Bhd and Sanichi Technology Bhd.

The gainers included Carlsberg Brewery Malaysia Bhd, Dutch Lady Milk Industries Bhd, Aeon Credit Service (M) Bhd, Heineken Malaysia Bhd, Fraser & Neave Holdings Bhd, KESM Industries Bhd, Dufu Technology Corp Bhd, Public Bank Bhd and Ajinomoto (M) Bhd.

Reuters said Asian stocks eased and currency markets were skittish on Thursday, as virus cases rose in South Korea and Japan even as China added more stimulus via a rate cut to support its economy.

China reported a large drop in new cases but that came together with a jump in infections in South Korea, two apparent deaths in Japan and researchers finding that the virus spreads more easily than previously believed, it said.

Kenanga IB Research said Asian markets closed higher yesterday due to partial recovery in Chinese firms operation, despite the coronavirus outbreak.

It said back home, the FBM KLCI declined by 2.92 points or 0.19% to close at 1,534.16.

The research house said that chart-wise, the index remained below the crucial 1,600-point level and 20-days SMA.

“Coupled with the bearish crossover signal from MACD, we expect the index to experience a near-term consolidation.

“A resumption of the uptrend could be underway only when the index breaks out from the existing consolidation pattern by breaching the 1,600-psychological mark convincingly.

“With that, we maintain a neutral stance in the short term while holding to key support levels to 1,500 (S1) and 1,470 (S2). Overhead resistance can be seen at 1,570 (R1) and 1,600 (R2),” it said.