KLCI flat as rebound fizzles

KUALA LUMPUR: The rebound on the FBM KLCI lost steam in late-morning trade as investors were quick to take profit amid the lack of positive leads.

Regional equities were mostly lower as negotiations over a US stimulus bill hit a fresh snag ahead of the November elections.

At 12.30pm, the FBM KLCI rose 0.2 points to 1,492.6. Trading volume was 3.78 billion shares valued at RM2.11bil.

"The near-term weakness is expected to prevail as any recovery will be tempered by quick profit-taking activities.

"Nevertheless, we still think that rotational play will remain on the table that is buoyed by the rise in trading activities as of late (albeit the negative market sentiment is keeping gains in check)," said Malacca Securities Research.

Among the laggards weighing on the index, Petronas Dagangan lost 46 sen to RM17.42, Public Bank dropped 16 sen to RM15.60 and Maybank fell six sen to RM7.09.

Glove counters however retraced some of their losses from yesterday's sell-off. Hartalega rose 46 sen to RM18.30 and Top Glove edged one sen higher to RM8.89.

Topping the most active list, Lambo rose 0.5 sen to 3.5 sen, DGSB lost three sen to 20 sen and Iris gained two sen to 28.5 sen.

In Asian markets, China's key index was down 0.8%, Hong Kong's Hang Seng fell 0.2% and Japan's Nikkei slid 0.7%. Australia's ASX200 was down 0.6%.
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Bursa Malaysia , FBM KLCI , equities


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