KLCI retraces early gains by midday

KUALA LUMPUR: The FBM KLCI ended lower at midday after failing to sustain gains generated in early trade.

The benchmark index eased 1.85 points to 1,499.94 at midday.

There were 455 stocks declining against 261 stocks advancing while 412 counters were unchanged. Trading volume stood at 1.21 billion units worth RM708.52mil.

Rakuten Trade Sdn Bhd did not expect the FBM KLCI to see any major movements thus anticipated it to trend within the 1,495-1,505 range today amid heightened market volatility.

TA Securities said the local market should trend upwards gradually towards the year-end, with economic recovery plays expected to gain traction as further positive news on the effectiveness of vaccines and drugs against the Omicronvariant improves investors' risk appetite.

“Immediate index resistance remains at 1,520, with 1,550, then 1,580 and 1,600 as tougher upside hurdles ahead.

“Immediate support will be the recent low of 1,483, with key chart supports at 1,470 and 1,452, the 50% Fibonacci Retracement (FR) matching the November 2020 low,” it said.

Among heavyweights, Maybank added one sen to RM8.12, Tenaga gained 15 sen to RM9.26, KLK was 10 sen higher at RM20.90, PPB fell 14 sen to RM17.06 and Petronas Dagangan lost 12 sen to RM20.18.

On the broader market, MPI jumped 92 sen to RM49. ViTrox gained 18 sen to RM20.48, Genetec lost 60 sen to RM37.94, KESM fell 28 sen to RM12.12 and Rapid shed 26 sen to RM10.40.