FBM KLCI struggles to rebound as Covid fears mount

KUALA LUMPUR: The FBM KLCI made a mild rebound in morning trade but ended the early session near the previous day's close as investors closely watched the developing Covid-19 situation in the country.

At 12.30pm, the key index was up 0.61 points to 1,581.13.

Following yesterday's sell-off, bargain hunting was expected to shore up equities prices. However, the weak market sentiment capped gains, leading to little change in the blue-chip index.

Healthcare stocks came into the spotlight on news that the number of new Covid-19 infections hit a daily record high yesterday.

IHH rose seven sen to RM5.28 although most glove makers were in the red following yesterday's rally.

Profit-taking was seen in Top Glove, dropping six sen to RM1.10 while Supermax shaved six sen to RM4.96.

Kossan was down 10 sen to RM4.32 and Comfort Gloves fell three sen to RM2.40.

Bucking the trend, Hartalega added five sen to RM9.96 while Careplus gained two sen to RM2.74.

Meanwhile, plantation play Kuala Lumpur Kepong jumped 44 sen to RM22.46 on the back of its positive earnings results released yesterday.

Of actives, Focus was flat at six sen, LKL rose 2.5 sen to 43 sen and UCrest gained four sen to 37 sen.

In Asian markets, equities were mixed amid selling pressure triggered by the release of US Fed minutes that hinted at a possible tightening of monetary policy.

Japan's Nikkei rose 0.1% while South Korea's Kospi dropped 0.5%.

China's main market lost 0.3% while Hong Kong's Hang Seng shed 0.7%.

Australia's ASX200 rose 1.3%.
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Bursa Malaysia , FBM KLCI , equities


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