KLCI rises 1.17% on regional rally, lower liners in focus

TheEdge Thu, Nov 05, 2020 01:07pm - 3 months ago

KUALA LUMPUR (Nov 5): The main index at Bursa Malaysia rose 1.17% at midday break, as regional markets rallied ahead of the outcome of the US presidential election, while lower liners at the local bourse saw active trade.

At 12.30pm, the FBM KLCI was up 17.15 points to 1,481.76. The index had earlier risen to a high of 1,484.03.

Gainers led losers by 586 to 151, while 697 counters traded unchanged. Trading volume was 3.70 billion shares valued at RM1.81 billion.

The gainers included Fraser & Neave Holdings Bhd, UWC Bhd, ViTrox Corp Bhd, Kuala Lumpur Kepong Bhd, Greatech Technology Bhd, Malaysian Pacific Industries Bhd, Heineken Malaysia Bhd, Hong Leong Financial Group and Gets Global Bhd.

The actively traded stocks included AT Systematization Bhd, NetX Holdings Bhd, Vsolar Group Bhd, Iris Corp Bhd, Berjaya Corp Bhd, Lambo Group Bhd, Vivocom International Holdings Bhd and Salcon Bhd.

The decliners included Bintulu Port Holdings Bhd, Latitude Tree Holdings Bhd, Scientex Bhd, Amway (M) Holdings Bhd, Grand Hoover Bhd, MCE Holdings Bhd and Hartalega Holdings Bhd.

Reuters said Asian shares climbed on Thursday and bonds extended their blistering rally as investors wagered the likely prospect of US policy gridlock would greatly favour some industries while putting a restraining hand on government borrowing.

The risk of a prolonged contested election remained, though the count was progressing in an orderly fashion with Democratic challenger Joe Biden narrowly ahead in key states, it said.

Inter-Pacific Research Sdn Bhd said the FBM KLCI index regained further ground yesterday, albeit ending the day with modest gains after a late selldown in Top Glove Corp Bhd that trimmed the day’s upsides.

Still, the research house said it was a positive day with gainers well ahead of losing stocks as bargain hunting activities picked up pace in tandem with the positivity in most global indices.

It said expectedly, the lower liners and broader market shares made significant headway as retail players re-engaged in trading activities, helping to also shore up the day’s total trades.

“With global markets still gaining ground, we see the FBM KLCI remaining on the mend for longer as more market players look set to make a return, taking advantage of the improved market sentiments to bargain hunt on some of the recently beaten-down index heavyweights.

“This would also allow the key index to temporarily cast aside the lingering Covid-19 concerns as well as the uncertainties over Budget 2021 that will be tabled tomorrow.

“The sustained gains could also allow the key index to retest the 1,470-1,480 levels, but we think the 1,500 points level will be elusive for the time being. On the downside the immediate support is at 1,460, followed by the psychological 1,450 level,” it said.

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