Thursday 28 Mar 2024
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KUALA LUMPUR (June 3): The FBM KLCI came down today after two days of gains on lack of buying support, amid continued high number of Covid-19 infections and the ongoing full lockdown.

The benchmark index opened at 1,599.08 and thereafter remained below the 1,600 psychological level to close 7.37 points or 0.46% lower at 1,590.97.

Glove counters and other healthcare related stocks in particular came under selling due to the pandemic situation, including the slow pace of vaccination.

TA Securities Research said the market should ease into profit taking consolidation mode in the absence of further confirmation on the acceleration in vaccination rollouts and stimulus fine-tuning, to better cushion the adverse impact from the current lockdown.

“Immediate resistance for the index stays at 1,600, with more formidable resistance expected from the recent highs of 1,623, 1,635 and 1,642. Immediate support remains at Monday's low of 1,568, followed by the recent pivot low of 1,552, with better supports seen at 1,540 and 1,520,” it said in a note.

Market breadth was slightly in the negative with declining counters outnumbering gainers by 544 to 538, with 427 other counters closing unchanged.

Top actives today included Progressive Impact Corp Bhd, Serba Dinamik Holdings Bhd and Greenyield Bhd.

Top value losers included Time dotCom Bhd, Pharmaniaga Bhd and Fraser & Neave Holdings Bhd, while glove stocks that fell included heavyweights Hartalega Holdings Bhd and Supermax Corp Bhd.

Gainers were led by Computer Forms (Malaysia) Bhd, Heineken Malaysia Bhd and Choo Bee Metal Industries Bhd.

Reuters reported that world stocks clung close to record highs today, as investors weighed inflation concerns ahead of key US economic data, while oil prices rose for a third straight session. Market sentiment was cagey, as investors backed away from big bets before the release on Friday (June 4) of US jobs data, it said.

Japan's Nikkei 225 closed 0.39% higher, while the Shanghai Composite finished 0.36% lower, and Hong Kong's Hang Seng ended 1.13% down.

Edited ByS Kanagaraju
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