KUALA LUMPUR (Oct 21): The main index of Bursa Malaysia reversed its meagre earlier gains in the mid-morning as select index-linked stocks, including Top Glove Corp Bhd and Kuala Lumpur Kepong Bhd (KLK), retreated.

At 10am, the FBM KLCI had shed 1.51 points to 1,509.46. The index earlier inched higher to 1,513.20.

Gainers led losers by 396 to 364, while 385 counters traded unchanged. Trading volume was 2.39 billion shares valued at RM1.04 billion.

The top losers included Malaysian Pacific Industries Bhd (MPI), Dutch Lady Milk Industries Bhd, Pintaras Jaya Bhd, Supermax Corp Bhd, Sime Darby Plantation Bhd, Top Glove, Kossan Rubber Industries Bhd and KLK.

The actively traded stocks included Luster Industries Bhd, AT Systematization Bhd, Impiana Hotels Bhd, Vortex Consolidated Bhd, Diversified Gateway Solutions Bhd, Mah Sing Group Bhd and Dagang NeXchange Bhd.

The gainers included Nestle (Malaysia) Bhd, Petronas Dagangan Bhd, ViTrox Corp Bhd, Pentamaster Corp Bhd, Khind Holdings Bhd, United Plantations Bhd, UWC Bhd and Kumpulan Powernet Bhd.

Reuters said Asian stocks were set for modest gains today after renewed US stimulus hopes helped Wall Street higher, although wobbles in the tech sector could keep a lid on investor sentiment.

Australian stocks opened slightly higher while MSCI's gauge of stocks across the globe was roughly flat. The Nikkei 225 futures were up 0.25%, it said.

Hong Leong Investment Bank (HLIB) Research said despite closing above the critical 200-day simple moving average (200D SMA) support (now at 1,497 points) and with the major support trendline from the 1,474 low, the KLCI is still engaged in a tug of war between bulls and bears amid rising headwinds ahead of the US presidential election and a resurgence in Covid-19 infections globally.

“Moreover, more targeted lockdowns amid spiking local Covid-19 transmissions in Malaysia may dampen our expectations for a 2H20 (second half of 2020) economic and corporate earnings recovery,” it said.