KLCI rises 0.67% in line with regional markets as Trump said to have signed aid bill

TheEdge Mon, Dec 28, 2020 10:18am - 2 months ago


KUALA LUMPUR (Dec 28): The main index of Bursa Malaysia rose 0.67% in the mid-morning today in line with regional gains as US President Donald Trump signed into law a US$2.3 trillion pandemic aid and spending package.

At 10am, the FBM KLCI had jumped 11.14 points to 1,652.31.

Market breadth was positive with 536 gainers and 370 losers, while 402 counters traded unchanged. Trading volume was 2.67 billion shares valued at  RM929.45 million.

The top gainers included Kumpulan Powernet Bhd, Public Bank Bhd, CN Asia Corp Bhd, Greatech Technology Bhd, Carlsberg Brewery Malaysia Bhd, Ajinomoto (Malaysia) Bhd, Batu Kawan Bhd, Hong Leong Financial Group Bhd and JF Technology Bhd.

The actively traded stocks included AT Systematization Bhd, Fintec Global Bhd, Land & General Bhd and Iris Corp Bhd.

The decliners included Nestle (Malaysia) Bhd, Supermax Corp Bhd, Dutch Lady Milk Industries Bhd, Lii Hen Industries Bhd, AEON Credit Service (M) Bhd, Top Glove Corp Bhd and QL Resources Bhd.

Reuters said global shares ticked up today as a source said Trump had signed into law a US$2.3 trillion pandemic aid and spending package he had until now refused to sign.

US S&P futures last traded up 0.4%, it said.

Inter-Pacific Research Sdn Bhd said Malaysian equities lost ground prior to the Christmas break as profit taking took precedent again, a day after posting a decent recovery.

In its daily bulletin today, the research house said for the most part, the market environment was quiet ahead of the holidays with fresh buying interest noticeably absent, and this was reflected in the thin traded volumes.

At the same time, trading was mixed with losers and gainers almost equal, it said.

Inter-Pacific said wth the year-end holidays in full swing, it sees overall market participation remaining thin, but also sees the key index remaining stable on continuing bouts of support.

It said the combination of fewer market leads and thinner market interest would keep the KLCI on an even keel and allow it to preserve most of the gains it attained in last month’s rally.

“While we see the key index largely on a holding path, there could still be bouts of selective buying that could see some mild upside bias, mainly on portfolio repositioning for the start of next year.

“This may help the key index climb back up to the 1,650 level and depending on the level of buying, the key index could also retest the 1,660 level over the coming days. Support-wise, they are located at 1,631 and 1,620 respectively,” it said.






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