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KLCI stabilises as bulls return after panic selling

TheEdge Thu, Nov 10, 2016 01:34pm - 3 years ago

KUALA LUMPUR (Nov 10): The FBM KLCI stabilised today as the broader market sentiment turned bullish after the knee-jerk reaction yesterday that saw massive sell off at most regional markets in the aftermath of a surprise Donald Trump victory to take the White House.

At 12.30 p.m., the FBM KLCI rose 11.96 points to 1,659.58. The index had earlier risen to its intra-morning high of 1,664.27.

Market breadth was positive with 570 gainers and 164 losers, while 278 counters traded unchanged. Volume was 956.08 million shares, valued at RM843.59 million.

The top gainers included Dutch Lady Milk Industries Bhd, KESM Industries Bhd, Ajinomoto Malaysia Bhd, Ekovest Bhd, Kuala Lumpur Kepong Bhd, CIMB Group Holdings Bhd, Panasonic Malaysia Manufacturing Bhd and Hartalega Holdings Bhd.

The actives included Vivocom Intl Holdings Bhd, TA Global Bhd, RGB International Bhd, Borneo Oil Bhd, WCT Holdings Bhd, Perisai Petroleum Teknologi Bhd and Nexgram Holdings Bhd.

The losers included Boustead Heavy Industries Corp Bhd, United Plantations Bhd, FCW Holdings Bhd, Apex Healthcare Bhd, British American Tobacco (M) Bhd and Goldis Bhd.

Asian shares rebounded on Thursday and the dollar firmed in a remarkable snapback from the shock of Republican Donald Trump's presidential victory, though the speed of the reversal left some market watchers scratching their heads, according to Reuters.

The Nikkei duly recouped all of Wednesday's 5% loss and more, to trade up roughly 6%, as the yen weakened, following the previous session's surge, it said.

AffinHwang Capital Research said panic in Asian Markets yesterday simply reflect how the inefficient markets “at work”, hence confirmed its anticipation on the short term noise, as opposed to the U.S. and Europe markets, which surged firmly.

“Expect strong rebound for all stocks in Bursa Malaysia, after yesterday’s unnecessary panic selling. “Buy quality stocks on strength,” it said.

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