KLCI reverses gains as index-linked glove makers retreat; regional markets stay firm on Wall St gains

KUALA LUMPUR (Sept 10): The FBM KLCI reversed earlier gains and fell below the 1,500-point level in the mid-morning as losses of index-linked glove makers dragged against firmer regional markets.

At 10am, the KLCI had fallen 7.49 points to 1,489.23. The index earlier rose to a high of 1,504.03.

Losers led gainers by 480 to 292, while 368 counters traded unchanged. Trading volume was 1.73 billion shares valued at RM1.13 billion.

The top losers included Nestle (Malaysia) Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, Top Glove Corp Bhd, Careplus Group Bhd, Panasonic Manufacturing Malaysia Bhd and Pharmaniaga Bhd.

The actively traded stocks included XOX Bhd, Parlo Bhd, Destini Bhd, Top Glove, GETS Global Bhd, Avillion Bhd, AT Systematization Bhd and Fintec Global Bhd.

The gainers included PPB Group Bhd, TIME dotCom Bhd, Heineken Malaysia Bhd, SAM Engineering & Equipment (M) Bhd, Malaysian Pacific Industries Bhd, GETS Global, Fraser & Neave Holdings Bhd and Allianz Malaysia Bhd.

Bloomberg said Asian stocks rose today as renewed market leadership by technology shares flowed through from the overnight Wall Street session.

The US dollar steadied after declines, it reported.

JF Apex Securities Research said US markets rose overnight following the rebound in technology counters after a three-day losing streak.

It said that earlier, European stocks advanced, led by technology and telecommunications stocks.

“On the local market, the FBM KLCI plunged 22.60 points to 1,496.72 points.

“Following the rebound on Wall Street, the FBM KLCI could climb today with support at 1,480 points,” it said.

Source: TheEdgeMarkets