More profit-taking amid negative market sentiment

KUALA LUMPUR: Bursa Malaysia continued its bearish trend on Monday to kick off a holiday-shortened week amid the negative market sentiment.

At 12.30pm, the FBM KLCI was dow 4.19 points to 1,592.55, slipping further below the 1,600-point psychological resistance.

"Technically speaking, after cutting below the 50-day SMA line, coupled with the DMI Plus slipping under the DMI Minus and the momentum indicator decreasing below the zero-line last week, the benchmark index is showing signs of weakness ahead.

"This suggests the FBMKLCI will probably back off from our support-turned-resistance hurdle of 1,600 (R1), possibly sliding towards our next support threshold of 1,550 (S1)," said Kenanga Research in its weekly outlook.

The FBM KLCI was seen weighed down by Petronas Chemicals, falling 29 sen to RM7.06, Public Bank down 26 sen to RM21.40 andn Press Metal shedding 33 sen to RM8.36.

However, glove counters continued to pick up speed with Hartalega jumping 60 sen to RM12.92, Top Glove adding 23 sen to RM6.48 and Supermax climbing 39 sen to RM6.92.

Top actives were Dnex up 3.5 sen to 29.5 sen, QES down two sen to 36 sen and Luster up one sen to 19.5 sen.

Meanwhile, global markets were higher on optimism over the US$1.9 trillion US stimulus package, which offset concerns over rising Covid-19 infections.

Japan's Nikkei rose 0.3% and China's composite index gained 0.6%.

South Korea's Kospi and Hong Kong's Hang Seng meanwhile jumped about 2% each and Australia's ASX200 added 0.25%.
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Bursa Malaysia , FBM KLCI , equities


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