Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 22): The main index at Bursa Malaysia slipped at the midday break as index-linked glove makers dragged, against the backdrop of guarded gains at regional markets.

At 12.30pm, the FBM KLCI fell 4.14 points to 1,580.79. The index had earlier climbed to a high of 1,587.51.

Gainers led losers by 453 to 380, while 726 counters traded unchanged. Trading volume was 8.12 billion shares valued at RM3.08 billion.

The top losers included Hartalega Holdings Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, ViTrox Corp Bhd, Tasco Bhd, Mi Technovation Bhd, Nestle (M) Bhd, Malaysian Pacific Industries Bhd, Amtel Holdings Bhd, Press Metal Aluminium Holdings Bhd and Khind Bhd.

The actively traded stocks included Key Alliance Group Bhd, Nexgram Holdings Bhd, AT Systematization Bhd, Dagang NeXchange Bhd, Velesto Energy Bhd and Sapura Energy Bhd.

The gainers included Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Pimpinan Ehsan Bhd, Malaysia Airports Holdings Bhd, Petronas Gas Bhd, Kobay Technology Bhd and Chin Teck Plantations Bhd.

Reuters said Asian share markets inched up on Monday as expectations for faster economic growth and inflation globally battered bonds and boosted commodities, though rising real yields were making equity valuations look more stretched in comparison.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2%, after slipping from a record top last week as the jump in US bond yields unsettled investors, it said.

Hong Leong IB Research said tracking potential profit-taking consolidation in Wall Street and regional markets, and the ongoing 4Q20 reporting season, KLCI is vulnerable to further consolidation as the index is unable to surpass the 1,590-1,618 resistances.

“Nevertheless, downside risk seems limited near 1,545-1,561 on the back of the planned vaccination program in Malaysia starting Feb 26.

“On stock selection, the launch of the Malaysia Digital Economy Blueprint last Friday may trigger follow-through trading interest on potential beneficiaries in the e-services, cloud, 5G and e-government related companies,” it said.

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