,KUALA LUMPUR: The FBM KLCI slid in morning trade as profit-taking pressure resurfaced after the market ended on a late surge into positive territory last Friday.At 12.30pm, the key index was down 10.53 points to 1,578.66, returning below the 200-day simple moving average after failing to make a decisive breach of the resistance.Kenanga Research said in its technical outlook that it expects the market to be range-bound over the immediate term as it enters a consolidation channel."On the chart, following the absence of a convincing breakout from the key 200-day SMA line and given the bearish stochastics signal (as the %K line has crossed under the %D line in an overbought territory), the benchmark index could be swinging – with a marginal negative bias – between our existing support and resistance thresholds of 1,550 (S1) and 1,600 (R1) ahead," it said.However, it expects overall investor sentiment to hold up as the number of new Covid-19 infections especially in the major Klang Valley economic hub has peaked while the recent political tension has eased.There was broad-based profit-taking on Bursa Malaysia with 619 decliners versus 388 gainers.On the blue-chip FBM KLCI, 23 of the 30 constituent counters slipped into the red.Leading decliners included Public Bank down five sen to RM4.09, Petronas Chemicals shedding nine sen to RM8.15 and Maybank dropping four sen to RM8.32.Telcos moved lower led by Axiata sliding six sen to RM4.04, Maxis shaving five sen to RM4.59 and Digi losing one sen to RM4.40.In plantations, Sime Darby Plantation fell five sn to RM3.93 while PPB Group dropped eight sen to RM18.30 and Kuala Lumpur Kepong slid 68 sen to RM20.82.Among gainers, MPI rose RM1.12 to RM46.02, Genetec was up RM1.06 to RM31.28 and Vitrox rose 44 sen to RM19.02.Top actives were Bina Puri down 0.5 sen to 5.5 sen, Emico jumped 9.5 sen to 46.5 sen and KNM was up 1.5 sen to 30 sen.In Asian markets, sentiment was propped up as a disappointing US payrolls report over the weekend affirmed expectations that the Federal Reserve will maintain a loss monetary policy.Japan's Nikkei climbed 1.8% while South Korea's Kospi was little changed.China's main index rose 1% and Hong Kong's Hang Seng gained 0.5%. Australia's ASX200 slipped 0.1%.
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