KUALA LUMPUR: The FBM KLCI remained in the red headed into midday following the release of Malaysia s first-quarter GDP result.
At 12.30pm, the key index was down 9.11 points to 1,574.81 following a sharp early-morning plunge triggered by the government s implementation of a nationwide movement control order starting Thursday.
Market breadth on Bursa Malaysia was overwhelmingly negative wtih 928 decliners versus 157 gainers.
The Statistics Department announced at noon that the country s economy shrank 0.5% year-on-year in 1Q, which came within most analyst expectations of a slight contraction before a positive growth trend ensued in subsequent quarters.
Malacca Securities Research predicts that energy and plantation counters may see buying interest given the uptrend in commodities prices, particularly CPO and oil prices.
KUALA LUMPUR: The FBM KLCI gapped higher at the opening bell to extend its rebound from Wednesday s session.
Bursa Malaysia had been shuttered on Thursday owing to a national holiday, and played catch up to the positive US Federal Reserve decision to maintain low interest rates in support of the economy.
The S&P500 closed at a record high overnight while the Nasdaq hit an intra-day record high before paring some gains.
Meanwhile, glove heavyweights were seen rising given the increase in global Covid-19 infections while energy counters advanced on rising Brent crude prices.
At 9.03am, the FBM KLCI was up 2.95 points to 1,611.45.
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KUALA LUMPUR: The FBM KLCI clambered back above the 1,600-point level following yesterday s dip as a positive performance on Wall Street, especially in technology counters, helped to reaffirm hopes of an economic recovery.
Of late, a resurgence of new Covid-19 infections and lockdown fears have soured Asian market sentiment, dragging on equities.
At 9.03am, the key index was up 3.8 points to 1,600.38, as the market remained caught within a narrow range-bound trading channel. We expect the local bourse may take a cue from the rise in the Nasdaq overnight and put the technology sector on radar, said Malacca Securities Research.
Leading gainers on the FBM KLCI included Maybank up two sen to RM8.32, Petronas Chemicals gaining six sen to RM7.85, Axiata rising two sen to RM3.83 and Sime Darby Plantation
KUALA LUMPUR: Following the FBM KLCI s advance in yesterday s trading, the morning started with profit-taking activity weighing on the index.
While there was some positive price action in the glove sector led by Kossan, which had announced estimate-beating earnings, there was a broad-based retreat on the market.
At 9.04am, the FBM KLCI was down 2.98 points to 1,604.98 as the market remained locked in a sideways trading motion.
With investor sentiment dragged down also by the negative performance on Wall Street overnight, the market looks likely to turn back towards the 1,600-point mark.
However, Malacca Securities Research says the local bourse may be supported by buying interest in high earnings certainty stocks ahead of the earnings season.