FBM KLCI stays in the red at midday break

  • Markets
  • Wednesday, 07 Jun 2023

KUALA LUMPUR: The FBM KLCI remained in negative territory at midday as it climbed out of morning lows but sentiment stayed bearish.

At lunch break, the FBM KLCI was down 5.45 points to 1,377.72. The index earlier slipped to its intra-morning low of 1,371.74.

There were 453 decliners compared with 277 gainers. Trading volume was 1.84 billion shares valued at RM807.4mil.

Leading the index lower was IHH Healthcare, falling 15 sen to RM5.73. PETRONAS Chemicals slid nine sen to RM6.43, Sime Darby Plantation eased eight sen to RM4.31 and Axiata lost six sen to RM2.80.

Among the losers on Bursa Malaysia, Panasonic Manufacturing tumbled RM1.06 to RM18.80, F&N fell 24 sen to RM25 and Dutch Lady eased 18 sen to RM25.

ACE Market debutant, Edelteq rose 49.5 sen, or 206.25% to 73.5 sen with 75.02 million shares traded.

Inter-Pacific Research said the recently concluded results reporting season has also yielded few catalysts, while overseas equity markets are also on a holding pattern that could collectively leave market conditions on a low gear for now.

“As a result, the key index may still trend within a narrow range as it looks to find support at around the 1,380 levels, particularly with foreign funds yet to turn buyers on Malaysian equities even as the selling pressure appears to be abating.

“Below 1,380, the supports remain at the 1,372 and 1,376 levels, while the hurdles are at 1,385 and 1,396 points respectively,” it added.

Meanwhile, in the region, Japan's Nikkei 225 was down 0.83%, South Korea's Kospi gained 0.3% while China's composite index added 0.02%.

Hong Kong's Hang Seng gained 0.97% while Australia's ASX200 rose 0.14%

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FBM KLCI , KLCI , Bursa Malaysia


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