KLCI rises 1.2% to cross 1,630-point level as MCO jitters fade

TheEdge Wed, Jan 13, 2021 10:21am - 1 month ago


KUALA LUMPUR (Jan 13): The main index of Bursa Malaysia rose 1.2% in the mid-morning today to cross the 1,630-point level as investors shrugged off movement control order (MCO) jitters, while regional markets traded higher as well.

At 10am, the KLCI had risen 19.61 points to 1,631.65.

Market breadth was positive with 690 gainers and 278 losers, while 303 counters traded unchanged. Trading volume was 1.91 billion shares valued at RM1.07 billion.

The gainers included Malaysian Pacific Industries Bhd, Public Bank Bhd, KESM Industries Bhd, UWC Bhd, ViTrox Corp Bhd, CN Asia Corp Bhd, GETS Global Bhd, Mega First Corp Bhd and Oriental Interest Bhd.

The actively traded stocks included Metronic Global Bhd, Sealink International Bhd, Vsolar Group Bhd, Dynaciate Group Bhd, Iris Corp Bhd and XOX Bhd.

The decliners included Fraser & Neave Holdings Bhd (F&N), Amway (Malaysia) Holdings Bhd, IJM Plantations Bhd, CI Holdings Bhd, IHH Healthcare Bhd and Muda Holdings Bhd.

Reuters said Asian stocks opened mostly higher today, tracking modest Wall Street gains as prospects of an eventual victory against the coronavirus shored up recovery hopes, while tight supply expectations pushed oil prices to their highest in a year.

Rakuten Trade said US equities closed rather flattish as traders were pondering over new stimulus relief amid political turmoil.

It said the Dow Jones Industrial Average climbed 60 points to end at around the 31,070 mark yesterday.

“Therefore, we believe regional markets will continue to be mixed.

“Locally, the KLCI is seen to stabilise today following some panic selling yesterday.

“As some of us are faced with MCO 2.0, we reckon trading activities will improve, especially for the smaller caps today.

“The benchmark index is expected to trend higher today, potentially testing the 1,620 level. Meanwhile, supply cuts have pushed crude oil prices higher with Brent crude now hovering at above US$56 (RM226.60)/barrel again,” it said.






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