KLCI pares gains as index-linked glovemakers retreat on vaccine rollout

TheEdge Mon, Dec 28, 2020 12:53pm - 2 months ago

KUALA LUMPUR (Dec 28): The main index at Bursa Malaysia pared some of its gains at the midday break Monday as index-linked glovemakers retreated following the rollout of vaccines in several countries.

At 12.30pm, the FBM KLCI was up 5.84 points to 1,647.01. The index had earlier risen to a high of 1,655.96.

Gainers led losers by 460 to 300, while 760 counters traded unchanged. Trading volume was 5.08 billion shares valued at RM2.15 billion.

The gainers included KESM Industries Bhd, Hong Leong Financial Group Bhd, Carlsberg Brewery Malaysia Bhd, Greatech Technology Bhd, Ajinomoto (M) Bhd, Malaysia Airports Holdings Bhd, CN Asia Corp Bhd, Kumpulan Powernet Bhd and Public Bank Bhd.

The actively traded stocks included AT Systematization Bhd, Iris Corp Bhd, Fintec Global Bhd, Land & General Bhd, Lion Industries Bhd and Hiap Teck Venture Bhd.

The top losers included Supermax Corp Bhd, Nestle (M) Bhd, Top Glove Corp Bhd, Careplus Group Bhd, Kossan Rubber Industries Bhd, Bursa Malaysia Bhd and Hartalega Holdings Bhd.

Reuters said global shares ticked up on Monday as a source said US President Donald Trump 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.

JF Apex Securities Research said US stocks posted slight gains in thin trading on Thursday to wrap up the holiday-shortened week. 

It said European stocks closed mixed after a light trading session Thursday, as traders grew optimistic a Brexit trade deal would be reached.

“On the local front, the FBM KLCI lost 6.33 points or 0.38% to settle at 1,641.17 points. Market breadth was negative with 587 losers compared to 514 gainers.

“We expect the local bourse to be muted this week, hovering between the support level of 1,615 points and the resistance level of 1,695 points, as investors away for year-end holidays,” it said.

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