KLCI undergoes mild consolidation as banks, gloves retreat

  • Business
  • Thursday, 17 Dec 2020

KUALA LUMPUR: The FBM KLCI descended on profit-taking as financial heavyweights retreated from recent highs.

At 12.30pm, the key index was down 8.87 points to 1,672.54, as Public Bank fell 30 sen to RM21.58.

Maybank dropped four sen to RM8.63 and CIMB shed eight sen to RM4.42. Hong Leong Bank gained four sen to RM18.74.

Among the leading heavyweights, Tenaga slid eight sne to RM10.72 and Petronas Chemicals fell four sne to RM7.56.

Profit-taking was also seen in glove makers as more companies reported incidences of workers contracting Covid-19. Top Glove dipped two sen to RM6.75, Hartalega slipped six sen to RM12.38 and Supermax dropped 14 sen to RM6.97.

Kossan, the latest glove company to report a coronarvirus outbreak in its workforce, slid nine sen to RM5.

Meanwhile, Brent crude was seen rising above US$51 a barrel on the back of a decline in crude oil inventory last week.

Oil and gas counters picked up on the increase with Bumi Armada rising 0.5 sen to 39 sen on heavy trading volume.

Hibiscus Petroleum gained 0.5 sen to 62.5 sen, Sapura Energy was up 0.5 sen to 13.5 sen and Dialog added two sen to RM3.40

In its technical outlook, Malacca Securities Research expects the FBM KLCI to consolidate sideways before advancing higher towards 1,720 to 1,740.

It pegged support to 1,640 and 1,620.

Meanwhile, Asian equities hovered near record highs as the growing prospects of US stimulus measures boosted hopes of the recovery.

Japan's Nikkei was up 0.2%, China's composite index rose 0.6%, and Hong Kong's Hang Seng gained 0.1%.

South Korea's Kospi retreated 0.4% while Australia's ASX 200 climbed 1%.

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Bursa Malaysia , FBM KLCI , equities


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