FBM KLCI hovers above 1,520, pending contemporary catalysts


KUALA LUMPUR: The FBM KLCI continued to hover simply above the 1,520 assist as traders awaited contemporary leads forward of the height company earnings season.

At 9.20am, the important thing index was down 2.42 factors to 1,520.63 in lacklustre buying and selling.

“As we enter the reporting season, we imagine market gamers will give attention to stable elementary firms comparable to plantation and blue chips for now,” stated Malacca Securities Analysis in its every day observe.

Nonetheless, it famous there might be upsides for the expertise sector because the US Nasdaq traded on a bullish tone in a single day.

From a technical perspective, it stated the important thing index might proceed to commerce in rangebound mode between the assist stage at 1,520 and resistance alongside 1,540-1,550, within the absence of any contemporary catalysts.

On the FBM KLCI, Hartalega fell 9 sen to RM5.43, its lowest since January 2020.

Succumbing to sturdy promoting strain, the glove maker’s fortunes have continued to dip as the common promoting worth of latex gloves have normalised whereas it’s also seeing draw back strain from the implementation of the Prosperity Tax.

In the meantime, sector peer High Glove remained unchanged at RM2.42.

Financial institution counters have been combined as with Maybank rising two sen to RM8.07, Hong Leong Financial institution dropping 10 sen to RM18.04, Public Financial institution rising one sen to RM4.03 and CIMB gaining one sen to RM5.03.

On the broader market, Yinson surged for a second day, rising 29 sen to RM6.29. MPI climbed 42 sen to RM48.70 whereas Genetech added 36 sen to RM41.96.

High lively counters have been NWP up 0.5 sen to 38.5 sen, DNeX falling 0.5 sen to 82.5 sen and ATAIMS sliding 23 sen to RM1.63.

Source link