KLCI poised to close penultimate trading day of 1H20 in negative zone as global virus deaths mount

KUALA LUMPUR (June 29): The FBM KLCI trended lower at mid-morning on the penultimate trading day of the first half of 2020 (1H20), tracking losses at regional markets rattled by the relentless spread of Covid-19 that has thus far hammered the economies of many nations.

As at 10am, the FBM KLCI was down 8.44 points to 1,479.70.

Market breadth was negative with 528 losers and 174 gainers, while 335 counters traded unchanged. Trading volume was 1.7 billion shares valued at RM550.09 million.

The top losers included Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Hap Seng Consolidated Bhd, Petronas Dagangan Bhd, Public Bank Bhd and Hong Leong Financial Group Bhd.

The actives included AT Systematization Bhd, Anzo Holdings Bhd, Lambo Group Bhd, MQ Technology Bhd, KNM Group Bhd, Hubline Bhd, KUB Malaysia Bhd, XOX Bhd and Vivocom International Holdings Bhd.

The gainers included United Malacca Bhd, Allianz Malaysia Bhd, Kuala Lumpur Kepong Bhd, Supermax Corp Bhd, Comfort Gloves Bhd, Top Glove Corp Bhd and Can-One Bhd.

Reuters said Asian share markets got off to a shaky start today as the relentless spread of Covid-19 finally made investors question their optimism about the global economy, benefitting safe harbour bonds and the US dollar.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2% and further away from a four-month top hit last week, it said.

Hong Leong IB Research said barring a successful reclaim above the key 1500 and 1511 (200D SMA) resistance levels, the odds still favour more consolidation ahead amid concerns over the possibility of an aggressive second-wave Covid-19 surge in global hotspots and uncertainties in the local political scene.

“Nevertheless, hope for a mid-year window dressing and Bursa/SC decision in extending the short selling ban until Dec 31 is likely to cushion further slide with key support at 1438-1465 levels,” it said.

Source: TheEdgeMarkets