KUALA LUMPUR: The FBM KLCI slipped below the 1,600-points level on Thursday en route to its sixth straight day of lossesAt 12.30pm, the key index was down 3.37 points to 1,598.17 after an early morning rebound fizzled and investors were quick to cash in on the advance.While global markets were in a positive mood following Joe Biden's inauguration as the 46th US President, sentiment on Bursa Malaysia remained negative amid the surging coronavirus cases in the country."Market volatility remains in place amid the expansion of the MCO to all states except for Sarwak due to the worsening of the Covid-19 situation."On the banking sector, we expect trading interest will be seen after BNM' move to keep the interest rate unchanged until the next meeting," said Malacca Securites Research its its pre-market open report.The research house pegged its support level at 1.570-1,590 and its resistance at 1,620-1,640.While bank stocks recorded a mixed but generally stable performance glove stocks remained under pressue as investors continued to doubt their earnings outlook.Top Glove was down eight sen to RM6.06, Hartalega fell 14 sen to RM11.88 and Supermax slid 10 sen to RM6.21.Petronas Chemicals was also a leading laggard, shedding 18 sen to RM7..36 while Press Metal lost seven sen to RM8.73.On the broader market, top active Lambo was unchanged at three sen, followed by HPPHB up 19 sen to 90 sen and Denx up four sen to 26.5 sen.Over in China, the benchmark composite index was up 1.3% while Hong Kong's Hang Seng rose 0.2%. Japan's Nikkei gained 0.9%, South Korea's Kospi added 0.7% and Australia's ASX200 climbed 0.7%.
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