KLCI Rises 1.34% As Healthcare Stocks Lift, Trading Volume Surges To 5.79 Bil Shares

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The FBM KLCI rose 1.34% at the midday break today as healthcare stocks lifted the benchmark index against the backdrop of renewed fears of a second coronavirus wave.

Meanwhile, Malaysia’s economy contracted 2% on a quarter-on-quarter seasonally-adjusted basis in the first quarter of 2020 (1Q20) as a result of the impact of measures taken both globally and domestically to contain the spread of the Covid-19 pandemic, Bank Negara Malaysia said today.

The gross domestic product growth of 0.7% for 1Q20 is a sharp moderation from the previous quarter, which grew by 3.6%.

At 12.30pm, the FBM KLCI rose 18.54 points to 1,398.47.

Sentiment stayed tepid with 357 losers and 318 gainers, while 520 counters traded unchanged. Trading volume surged to 5.79 billion shares valued at RM2.86 billion.

The top gainers included Top Glove Corp Bhd, Hartalega Holdings Bhd, Kossan Rubber Industries Bhd, United Plantations Bhd, Supermax Corp Bhd, Comfort Gloves Bhd, QL Resources Bhd, PPB Group Bhd, HLT Global Bhd and IHH Healthcare Bhd.

The actives included HLT, mTouche Technologies Bhd, LKL International Bhd, Key Alliance Group Bhd, UCrest Bhd and Careplus Group Bhd.

The decliners included Dutch Lady Milk Industries Bhd, Carlsberg Brewery Malaysia Bhd, Panasonic Manufacturing Malaysia Bhd, Heineken Malaysia Bhd, Petron Malaysia Refining & Marketing Bhd, Tenaga Nasional Bhd, Hengyuan Refining Company Bhd, KESM Industries Bhd, Petronas Dagangan Bhd and Aeon Credit Service (M) Bhd.

Kenanga IB Research said Asian markets ended lower yesterday, largely dragged by mounting concerns over fresh outbreaks of coronavirus cases in South Korea, China and elsewhere.

In said back home, the FBM KLCI lost 2.38 points or 0.17% to finish at 1,379.93.

“Chart-wise, the index — following its rebound from previous oversold position to close the gap that was opened during the mid-March market meltdown — could face renewed selling pressures ahead.

“On the chart, our immediate support levels stand at 1,360 (S1) and 1,310 (S2).

“On the upside, our resistance levels can be found at 1,400 (R1) and 1,420 (R2),” it said.

Source THEEDGEMARKETS

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