KLCI falls 0.76% as index-linked glove makers retreat, regional markets trade cautiously

KUALA LUMPUR (Oct 26): The main index of Bursa Malaysia lost 0.76% in the mid-morning today as index-linked glove makers retreated against a backdrop of cautious regional markets.

At 10am, the FBM KLCI had lost 11.34 points to 1,483.30.

Market breadth was negative with 654 losers and 165 gainers, while 376 counters traded unchanged. Trading volume was 2.15 billion shares valued at RM1.43 billion.

The top losers included Supermax Corp Bhd, Mi Technovation Bhd, Hartalega Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Bursa Malaysia Bhd, Petronas Dagangan Bhd, Top Glove Bhd Corp and Dutch Lady Milk Industries Bhd.

The actively traded stocks included newly-listed MR DIY Group (M) Bhd, Vsolar Group Bhd, Advance Synergy Bhd, Luster Industries Bhd, Mah Sing Group Bhd, AT Systematization Bhd, XOX Bhd and Diversified Gateway Solutions Bhd.

The gainers included ViTrox Corp Bhd, Malaysian Pacific Industries Bhd, UWC Bhd, Unisem (M) Bhd, Lii Hen Industries Bhd, MR DIY and Texchem Resources Bhd.

Reuters said global shares got off to a cautious start today as surging coronavirus cases in Europe and the US threatened the economic outlook even as growth in China provided some support to Asia.

The US has seen its highest-ever number of new Covid-19 cases in the past two days, while France also set unwanted case records and Spain announced a state of emergency, it reported.

JF Apex Securities Research said US markets ended flat last Friday amid uncertainty over the coronavirus stimulus package and corporate earnings.

It said that earlier, European stocks advanced following optimism about the US stimulus talks and a raft of quarterly results.

“On the local market, the KLCI lost 4.16 points to 1,494.64.

“Following the mixed performance on Wall Street, the KLCI could hover sideways above the support at 1,475 points,” it said.

Source: TheEdgeMarkets