KLCI settles on 1,600 at midday

KUALA LUMPUR: The FBM KLCI remained firmly set in the red as profit-taking pressured the index lower to the 1,600 psychological support.

At 12.30pm, the country's key index was down 7.71 points to 1,600.71.

Investors have been quick to lock in profits following the three-day winning streak in the previous week, which saw the FBM KLCI resume a recovery trend.

However, given the recent decline, the index is showing signs of returning towards the 50-day simple moving average.

However, a technical reading shows continued bullishness in the market with the 14-day relative strength index remaining above the 50% mark.

Leading decliners on the maret were Top Glove down 12 sen to RM5.13 and IHH falling eight sen to RM5.30.

Axiata continued to erase recent gains from news of a potential merger between Celcom and Digi. Axiata shed six sen to RM3.87 but Digi rose one sen to RM4.32.

Of actives, Luster dropped two sen to 22.5 sen, Permaju fell 0.5 sen to 18.5 sen and CNI was up 1.5 sen to 21 sen.

US inflation data is due to be released later today, which would reveal the impact of the country' monetary policies and fiscal stimulus measures.

Meanwhile, the US corporate earnings season is due to kick off tomorrow amid expectations of a strong recovery.

Asian markets appeared buoyed with optimism. Japan's Nikkei jumped 1% higher while South Korea's Kospi gained 1.1%.

In China, the composite index was flat although Hong Kong's Hang Seng rose 1%. Australia's ASX200 was also unchanged.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Bursa Malaysia , FBM KLCI , equities


Next In Business News

Asia shares spooked by US inflation scare, hope for Fed calm
Asia shares spooked by US inflation scare, slip to 7-week lows Thursday
Bitcoin ticks back in Asia after Musk tweet sent price down 17%
Tesla stops taking bitcoin payments for vehicles over climate concerns
Vegetable Oils surge, Soy futures reach highest since 2012
Jobs, inflation data surprises not changing Fed plans
Oil price rises to 8-wk high on demand hopes, U.S. export decline
GLOBAL MARKETS-Wall Street skids on inflation fears; USD, bond yields jump
Capitalising on loan growth
Teo Seng invests in new equipment

Stories You'll Enjoy