At 9.01 am, key index FTSE Bursa Malaysia KLCI erased 5.83 points, or 0.426 per cent to 1,364.09 from 1,369.92 at Tuesday’s close.Market breadth turned negative with losers beating gainers 279 to 77, while 192 counters were unchanged, 1,372 untraded and 20 others suspended.The United States currently has the most infections in the world with more than 383,000 confirmed cases and 12,021 deaths.
“Therefore the global economy is still in a state of flux as the slower economic growth is still unfolding that could lead to weaker corporate earnings growth in its wake,” he said. “Already, Wall Street has staged a pullback overnight and that may see stocks in Bursa Malaysia to follow suit. For now, the FBM KLCI resistances are at the 1,400 and 1,455 levels respectively. The support, meanwhile, remains pegged at the 1,300 level,” it said in a note.
Malacca Securities said the positive market momentum may turn into a consolidation over the foreseeable future as further upsides could be tempered by bouts of selling activities with retail players quick to lock-in their recent profits.
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