KUALA LUMPUR (Jan 6): The main index at Bursa Malaysia was down 0.78% at the midday break on Wednesday as banking stocks dragged against the backdrop of slipping US equity futures.
At 12.30pm, the FBM KLCI was down 12.32 points to 1,596.03.
Market breadth was tepid with 469 losers and 253 gainers, while 726 counters traded unchanged. Trading volume was 3.88 billion shares valued at RM2.19 billion.
The top losers included Nestle (Malaysia) Bhd, Heineken Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Hong Leong Financial Group Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd, Greatech Technology Bhd and Malaysian Pacific Industries Bhd, CIMB Group Holdings Bhd, Malayan Banking Bhd, Public Bank Bhd and RHB Bank Bhd.
The actively traded stocks included Iris Corp Bhd, Vortex Consolidated Bhd, DGB Asia Bhd, Yong Tai Bhd, Bumi Armada Bhd, Sapura Energy Bhd and Puncak Niaga Holdings Bhd.
The gainers included Kobay Technology Bhd, Toyo Ventures Holdings Bhd, Gets Global Bhd, IQ Group Holdings Bhd, Pharmaniaga Bhd and KPower Bhd.
Bloomberg said US equity futures slipped with Treasuries on Wednesday as votes were counted in key elections in Georgia that could have implications for President-elect Joe Biden's agenda.
Asian stocks were little changed, it said.
Hong Leong IB Research said in the absence of immediate-term drivers, KLCI may continue to extend consolidation (weekly supports: 1562-1575; resistances 1618-1638), as investors digest more news flow about the resurgence of Covid-19 pandemic, vaccine distributions and challenges faced by nations in vaccinating their citizens coupled with the resumption of RSS.
"Nevertheless, optimism on economic recovery amid the multiple Covid-19 vaccine breakthroughs, a combination of continuing fiscal and monetary stimulus, the low-interest rate environment and China's firmer economic recovery will continue to underpin interests in the equity market.
"Meanwhile, surging oil prices, soybean prices and FCPO may provide some trading interests among the O&G and plantation stocks," it said.
No comments:
Post a Comment