FBM KLCI inches towards 1,400-level at midday

The benchmark index moved between 1,400.41 and 1,409.13 throughout the morning trading session

THE benchmark index is inching towards the 1,400 psychological level at midday, in line with the downtrend in regional markets and Wall Street’s weak performance overnight.  

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) trimmed 7.75 points to 1,403.12 from yesterday’s close of 1,410.87. 

The benchmark index, which opened 3.55 points easier at 1,407.32, moved between 1,400.41 and 1,409.13 throughout the morning trading session.  

On the broader market, decliners trounced advancers 586 to 192, while 302 counters were unchanged, 1,318 untraded and 38 others suspended.

Turnover stood at 1.14 billion units worth RM902.77 million. 

Hong Leong Investment Bank Bhd said the FBM KLCI is now firmly trapped in a downtrend, as the bears are in total control after violating multiple crucial supports to record its ninth decline within 10 trading days.

“We reiterate that an extended downward consolidation may prevail towards our envisaged 1,400 psychological support this week, before staging an oversold rebound,” the investment bank said in a research note today.

Regionally, Singapore’s Straits Times Index slid 1.24% to 3,126.41, Japan’s Nikkei 225 Index slipped 1.9% to 26,067.9 and Hong Kong’s Hang Seng Index declined by 2.34% to 17,442.59. 

Among Bursa Malaysia’s heavyweights, Public Bank Bhd advanced five sen to RM4.26, IHH Healthcare Bhd rose two sen to RM5.93, Malayan Banking Bhd and CIMB Group Holding Bhd were flat at RM8.57 and RM5.12, respectively, while Petronas Chemicals Group Bhd eased one sen to RM8.34 and Tenaga Nasional Bhd shed 13 sen to RM8.59.

Of the actives, PT Resources Holdings Bhd improved 3.5 sen to 40.5 sen, Widad Group Bhd and SNS Network technology Bhd edged up half-a-sen each to 36 sen and 28.5, respectively, while Top Glove Corp Bhd shed two sen to 59 sen and Velesto Energy Bhd inched down half-a-sen to 11 sen.  

On the index board, the FBM Emas Index decreased 61.68 points to 10,018.26, the FBM 70 declined 78.07 points to 12,169.24 and the FBM T100 Index narrowed by 55.98 points to 9,767.53. 

The FBM Emas Shariah Index gave up 89.61 points to 10,086.95 and the FBM ACE contracted 75.5 points to 4,632.88.   

Sector-wise, the Energy Index trimmed 19.02 points to 668.13, the Plantation Index fell by 87.69 points to 6,492.39, the Financial Services Index slid 31.34 points to 15,923.22, and the Industrial Products and Services Index eased 1.23 points to 170.46. — Bernama / pic TMR File