KLCI succumbs to consolidation pressures


  • Markets
  • Tuesday, 29 Sep 2020

KUALA LUMPUR: The FBM KLCI failed to shrug off the consolidation pressures as it erased earlier gains to descend into negative territory.

While the region advnced on an improved risk appetite for equities, the domestic market failed to capitalise on the trend and looked set to continue its sideways movement.

At 12.30pm, the benchmark index was down 1.32 points to 1,510.34. Trading volume slowed further to 2.74 billion shares valued at RM1.7bil.

Leading the decline was Top Glove down 36 sen to RM8.41 and Hartalega falling 42 sen to RM17 as profit-taking pressures emerged after their recent rally.

Even the advance in financial stocks failed to offset the decline. Maybank was up 10 se to RM7.20, Public Bank gained 22 sen to RM15.64, CIMB added eight sen to RM3.15, Hong Leong Bank climbed four sen to RM15 and RHB added two sen to RM4.55.

KL Kepong meanwhile jumped 28 sen to RM22.70 while Tenaga added 10 sen to RM10.72 and Petronas Chemicals shed one sen to RM5.50

VS Industry was one of the top traded stocks of the day after releasing a positive earnings results yesterday. The semiconductor counter gained 10 sen to RM2.26 on the back of 32.85 million stocks traded.

Top traded stocks of the day were XOX down 2.5 sen to 15 sen, Kanger up one sen to 21.5 sen and Dynacia gaining one sen to 11 sen.

In Asian markets, Japan's Nikkei was up 0.1%, China's composite index rose 0.5% and South Korea's Kospi climbed 1.1%.

Hong Kong's Hang Seng however lost its early momentum to descend 0.25% while Australia's ASX200 was flat.

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Bursa Malaysia , FBM KLCI , equities

   

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