FBM KLCI continues slide on elevated new Covid infections

KUALA LUMPUR: The domestic market continued in cautious mode despite the roll-out of the second phase of the Covid-19 vaccination programme, amid a jump in daily new infections.

At 9.03am, the FBM KLCI was down 3.4 points to 1,596.89, pulling back further below the 1,600-point level.

"We expect the local bourse to continue its sideways movement on the back of market concerns over inoculation rate coupled with the daily Covid-19 confirmed cases staying above the 2,000 level for the fifth consecutive day," said Malacca Securities Research.

However, investor focus could be on the technology sector following Microsoft's announcement of a partnership under the US$1bil Bersama Malaysia initiative.

"We expect the key index to hover along the 1,600 level over the near term with resistance pegged along 1,615-1,635 while support is set at 1,545, 1,565," it added.

On the blue-chip index, decliners included Top Glove dalling seven sen to RM5.39, Hartalega sliding eight sen to RM9.96, Press Metal dropping 10 sne to RM5.28 and Maxis shedding seven sen to RM4.65.

Axctively traded counters on Bursa Malaysia included Censof up 12 sen to 50 sen, Sedania gaining 3.5 sne to 43.5 sen and Advance Synergy rising one sen to 16.5 sen

Laggards included MPI down 48 sen to RM38.60, Unisem falling 12 sen to RM7.88 and BAT sliding 12 sen to RM22.76.
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Bursa Malaysia , FBM KLCI , equities


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