FBM KLCI, at halfway mark, indicates improving signs despite Covid-19

The key index ended today’s session 6.54 points higher to 1,500.97. . — Reuters pic
The key index ended today’s session 6.54 points higher to 1,500.97. . — Reuters pic

KUALA LUMPUR, June 30 —The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI), which is halfway into 2020, indicates encouraging signs of improvement as well as resilience despite many sectors being affected by Covid-19.

The key index ended today’s session 6.54 points higher to 1,500.97. 

The FBM KLCI opened the year at the intra-high of 1,602.5 and fell to a low of 1,219.72 on March 19 during the six-month period.

Recently on June 10, the bourse reached 1,575.27, its highest point since that first trading day.

Malacca Securities Sdn Bhd said in note today that the FBM KLCI’s intra-day recovery to outperform the regional peers, which fell yesterday, suggested a potential recovery over the near term.

“With the key index finding stability along 1,476, we think the KLCI may trade towards the 1,510 and 1,530 level.

“Downside risk remains pegged at the support level of 1,460, followed by 1,430,” it said, adding that indicators were mixed as the Moving Average Convergence Divergence (MACD) has turned green, but the Relative Strength Index (RSI) continued to stay flat along 50.

At noon yesterday, Japan’s Nikkei decreased 1.32 per cent to 22,214.69, Hong Kong’s Hang Seng Index receded 0.58 per cent to 24,408.61 and Singapore’s Straits Times Index eased 0.6 per cent to 2,588.85.

Meanwhile, at the close today, Japan’s Nikkei increased 1.63 per cent to 22,354.38, Hong Kong’s Hang Seng Index eased 1.01 per cent to 24,301.28 and Singapore’s Straits Times Index improved 0.94 per cent to 2,598.36. — Bernama

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