Bursa, Asian markets cheer Biden victory

TheStar Mon, Nov 09, 2020 09:17am - 5 months ago


On Friday, foreign funds were net buyers at RM240.4mil, offsetting the net selling by local institutions at RM128.7mil and local retail investors at RM111.8mil.

KUALA LUMPUR: Key Asian markets kicked off Monday on an upbeat note as investors cheered Joe Biden as US president-elect while at Bursa, blue chips also climbed on positive response to the Budget 2021 proposals.

At 9.08am, the FBM KLCI wa sup 7.23 points or 0.48% to 1,526.87. Turnover was 827.39 million shares valued at RM338.18mil. There were 431 gainers, 149 losers and 304 counters unchanged.

Among the key Asian markets, the Nikkei 225 rose 1.57%. South Korea's Kospi rallied 1.58% and Taiwan;s Taiex 0.42% higher.

Reuters reported US stock index futures rose on Sunday after Biden was declared the winner on in a highly contentious election.

S&P 500 e-mini futures were up 34.5 points, or 0.99%, Dow e-minis were up 277 points, or 0.98%, and Nasdaq 100 e-minis were up 147.25 points, or 1.22%.

Last week, foreign funds turned net buyers at RM115.2mil and local retail investors were also net buyers at RM26.7mil but local institutions took profit and were net sellers at RM141.8mil.

On Friday, foreign funds were net buyers at RM240.4mil, offsetting the net selling by local institutions at RM128.7mil and local retail investors at RM111.8mil.

Axiata rose seven sen to RM3.27, Digi five sen to RM4.05 Maxis one sen to RM5.16 and Telekom two sen to RM4.22.

Hartalega rose 42 sen to RM18.62 and Top Glove seven sen to RM8.57 while Supermax was up 17 sen to RM9.95.

Consumer stocks climbed also with Dutch Lady up 50 sen to RM35, F&N 50 sen to RM32.50 and BAT 48 sen to RM10.70.

As for semicon and tech stocks, MPI advanced 72 sen to RM24.50 and Greatec 16 sen to RM8.61.






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