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.
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Bursa Malaysia , FBM KLCI , equities

   

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