KLCI ekes meagre gains as regional markets trade mixed

TheEdge Wed, Dec 30, 2020 12:55pm - 3 months ago

KUALA LUMPUR (Dec 30): The main index at Bursa Malaysia eked out meagre gains at midday break on the penultimate trading day of 2020, against the backdrop of mixed regional markets.

At 12.30pm, the FBM KLCI was up 2.29 points to 1,637.28. The index had earlier slipped to a low of 1,631.77.

Gainers led losers by 401 to 326, while 760 counters traded unchanged. Trading volume was 4.72 billion shares valued at RM1.89 billion.

The gainers included Fraser & Neave Holdings Bhd, KPower Bhd, Malaysian Pacific Industries Bhd, CN Asia Corp Bhd, Toyo Ventures Holdings Bhd, Allianz Malaysia Bhd and Theta Edge Bhd.

The actively traded stocks included Sealink International Bhd, Pegasus Heights Bhd, Parkson Group Bhd, Dynaciate Group Bhd, Iris Corp Bhd, AT Systematization Bhd and Yong Tai Bhd.

The decliners included Nestle (M) Bhd, Heineken Malaysia Bhd, Kuala Lumpur Kepong Bhd, Perusahaan Sadur Timah Malaysia (Perstima) Bhd, Genting Plantations Bhd, Malaysian Airports Holdings Bhd and Aeon Credit Service (M) Bhd.

Bloomberg said Asian stocks were mixed Wednesday after US equities pulled back from record highs on fading prospects for bigger government aid checks to individuals.

The US dollar extended a decline, it said.

Inter-Pacific Research Sdn Bhd said the FBM KLCI dipped into the negative territory yesterday, following the lack of fresh impetus to motivate buying interests and light trading volumes.

In its daily bulletin today, the research house said the broader market gains were mostly supported by a sizable comeback of retail interest in selected cyclical sectors.

“For now, we think that quick profit-taking will continue, taking [a] cue from Wall Street, which closed in the red on fading prospects for a bigger stimulus checks to individuals. In the near-term, investors are also likely to retreat to the sidelines ahead of the holiday-shortened week and extended selling pressure from institutional funds.

“As such, the 1,650 level is the resistance level, followed by the 1,660. The immediate supports, on the other hand, are at the 1,631 level.

“Meanwhile on the broader market, trading interests will continue to play out in selected cyclical-related counters like energy and steel on hopes of the economic recovery amid vaccine rollouts,” it said.

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