KLCI rises slightly amid slowing investor interest

TheStar Mon, Sep 21, 2020 12:45pm - 6 months ago

KUALA LUMPUR: The FBM KLCI eked out a small gain on Monday morning amid slowing trading activity on the market.

Rising 1.04 points to 1,507.67, the index was only slightly improved following last Friday's last-minute profit-taking.

Investor interest on Bursa Malaysia was also noticeably dampened with volume of 3.6 billion shares valued at RM1.64bil.

According to Malacca Securities Research, the consolidation on the local bourse is expected to take shape over the foreseeable future amid the lack of fresh leads.

It expects glove heavyweights to continue to dicate the direction on the key index while rotational play among the lower liners will continue amid the positive market breadth and retail players continue to seek higher yield investments.

"We think that the sideways movement may take charge with immediate resistance at 1,540, followed by 1,555.

"Support meanwhile is pegged at 1,500 followed by 1,480," it said.

As at the lunch break, Top Glove was up two sen to RM8 while Hartalega gained two sen to RM14.18.

In plantations, United Plantation rose 44 sen to RM15 and KL Kepong added 38 sen to RM22.86.

Notable increases on the market included Scientex jumping 58 sne to RM10.08 on the back of a positive earnings result.

MMAG also surged 34 sen to RM1.60 amid news of a new major shareholder.

Active stocks were led by Metronic rising 0.5 sen to 8.5 sen, CME gaining 1.5 sen to 13 sen and Rimbunan Sawit climbing 1.5 sen to 32.5 sen.

In Asian markets, investor sentiment was muted as the Covid-19 pandemic showed signs of a resurgence in Europe.

Shanghai's Composite Index dropped 0.4% and Hong Kong's Hang Seng fell 0.9%.

South Korea's Kospi slid 0.3% while Australia's ASX200 lost 0.5%. Japan's market was closed for a national holiday.

Related Stocks

BURSA 8.500
MMAG 0.300
RSAWIT 0.260


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