KLCI fails to make headway, finds support at 1,600

KUALA LUMPUR: The FBM KLCI ended on the 1,600-point psychological level going into the lunch break as investors remained cautious over ongoing headwinds.

At 12.30pm, the key index was down 2.27 points to 1,600.13.

The equities market has been buffeted lower of late by inflation fears as well as extended lockdowns in Europe as new strains of the Covid-19 virus started a third wave of the pandemic in Europe.

The market breadth on Bursa Malaysia was negative with 513 decliners versus 383 gainers.

Active counters on the market were led by Berjaya Corp up 3.5 sen to 32.5 sen, Dagang Nexchange down one sen to 97 sen and Saudee diving 9.5 sen to 50.5 sen.

Among the blue chips on the KLCI, Hong Leong Bank dropped 10 sen to RM18.72, Sime Darby Plantation fell four sen to RM4.83, Nestle lost RM1.20 to RM135.80 and Axiata slipped two sen to RM3.64.

Crude oil prices, which rebounded over 6% in the previous session following the grounding of a tanker in the Suez Canal, which is blocking traffic, was seen drifting lower.

Brent crude dropped 1.5% to US$63.45 a barrel, suggesting ongoing fears over the demand outlook for the commodity.

Asian markets were mixed with Japan's Nikkei rising 0.9% and South Korea's Kospi adding 0.1%.

China's composite index and Hong Kong's Hang Seng were flat following yesterday's sell-down.

In Australia, the ASX200 was also little changed.
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Bursa Malaysia , FBM KLCI , equities


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