FBM KLCI decline approaches 1,500

KUALA LUMPUR: The FBM KLCI is en route to another day of losses, as political uncertainties compounded the negative sentiment caused by the ongoing Covid situation

At 12.30pm, the key index was down 9.19 points to 1,503.74 as investors pulled back towards the 1,500 psychological level.

According to Malacca Securities Research, investors should turn more cautious in the near term due to the heightened volatility in the market.

In line with this, the market is expected to continue drifting sideways above 1,500 and below the resistance of 1,530-1,500.

Twenty of the 30 KLCI-constituent counters were in the red, led by IHH Healthcare down 10 sen to RM5.69, CIMB falling seven sen to RM4.48 and Digi dropping six sen to RM4.18.

Sime Darby Plantation slid seven sen to RM3.56 while Hong Leong Bank led bank counters lower with a 12 sen to decline to RM18.02.

Of actives on the boader market, Kanger fell 0.5 sen to six sen, Tanco rose 0.5 sen to 21.5 sen and Sersol gained 10.5 sen to 58.5 sen.

In Asian markets, the rebound in Chinese markets lost steam and succumbed to ongoing nerves over the tighter regulatory environment in certain economic sectors.

China's main index slid 0.5% as the rebound lost steam while Hong Kong's Hang Seng dove 2.1% into the red.

Japan's Nikkei was down 1.6% and South Korea's Kospi slid 1%.

Australia's ASX200 was unchanged.
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Bursa Malaysia , FBM KLCI , equities


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