KLCI back in the red, gloves extend declines

KUALA LUMPUR: The FBM KLCI erased earlier gains to dip into negative territory, repeating the trading pattern seen in previous sessions.

At 12.30pm, the key index down 5.26 points to 1,572.49.

Amid a regional downtrend the markets has been quick to take profit despite ongoing hopes that the vaccine programme will alleviate the pandemic.

"We believe the trading will be in sideways mode, ranging between 1,570 and 1,620 over the near term," said Malacca Securities Research.

Glove counters extended their slump with Top Glove losing 26 sen to RM4.98, Hartalega shedding 55 sen to RM9.45 and Supermax losing 38 sen to RM4.46.

There was also profit-taking in telcos, led by Maxis sliding six sen to RM4.69, Digi dropping five sen to RM3.65 and Axiata down three sen to RM3.52.

Helping to alleviate the losses were Maybank, rising six sne to RM8.09 and Public Bank adding six sen to RM4.22.

CIMB dropped eight sen to RM4.25 while Hong Leong Bank was unchanged at RM18.

Meanwhile, Asian equities rallied as as bond markets steadied following last week's sell-off.

Japan's Nikkei jumped 2.2%, South Korea's fell 2.8% and China's composite index rose 0.5%.

Hong Kong's Hang Seng added 1.2% and Australia's ASX200 gained 1.6%.
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Bursa Malaysia , FBM KLCI , equities


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