FBM KLCI resumes slide ahead of corporate earnings results

KUALA LUMPUR: The FBM KLCI remained in the red at midday as the mild rebound late last week failed to gain traction.

At 12.30pm, the key index was down 7.62 points to 1,523.6 as the consolidation channel on the market remained intact.

Malacca Securities Research said in its daily note that the support remains at 1,500-1,520 while next resistance is pegged at 1,540-1,550.

Among telcos, Maxis was down 12 sen to RM4.48, Axiata fell three sen to RM3.93 and Digi dropped four sen to RM4.19.

Plantation counters fell steeply with a 13 sen decline in Sime Darby Plantation to RM3.89 and an 11 sen drop in IOI to RM3.78.

Meanwhile, banks edged lower after the previous week's rebound. Hong Leong Bank lost six sen to RM18.16, CIMB dropped three sen to RM5.01, Maaybank shaved one sen to RM8.10 and Public Bank slid one sen to RM4.01.

On the broader market, there were 573 decliners compared to 304 gainers.

Carlsberg Malaysia, whose recent earnings result disappointed expectations, was seen dropping 42 sen to RM21.22 while F&N lost 56 sen to RM26.94.

AirAsia X, which has been in the news in recent days on creditors' approval of its debt restructruing scheme, remained unchanged at 7.5 sen despite heavy trading activity.

Other top traded counters included MMAG up 0.5 sen to 10 sen and DNeX gaining one sen to 85 sen.

In Asian markets, equities prices rose on the back of a positive surprise in Chinese economic data.

Japan's Nikkei rose 0.4% and South Korea's Kospi rallied 1.1%.

In China however, the strong economic data failed to lift sentiment with the main index falling 0.3% while Hong Kong's Hang Seng dipped 0.1%.

Australia's ASX200 rose 0.2%.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Bursa Malaysia , FBM KLCI , equities


Next In Business News

YB Ventures proposes one-for-two bonus issue of warrants
Greatech secures RM160mil new orders
MISC'S JV company secures FPSO Kikeh contract extension
Michael Chooi emerges as EcoFirst substantial shareholder
Bitcoin skids to six-month low as fears of Ukraine conflict shake markets
Govt considering aid in the form of special grants for MSMEs, informal traders affected by flood
Raya Airways refutes speculations on acquisition
Maju Healthcare inks MoU with MAH
Haily bags RM41mil contract to resort villas in Johor
Financial Sector Blueprint 2022-2026 an opportunity to build stronger economy

Others Also Read