KLCI rises, gains more than 140 points for November

TheEdge Mon, Nov 30, 2020 10:21am - 3 years View Original


KUALA LUMPUR (Nov 30): The main index of Bursa Malaysia rose in the mid-morning Monday, and was already up more than 140 points for November.

At 10am, the FBM KLCI was up 3.55 points to 1,611.14.

Gainers led losers by 575 to 324, while 426 counters traded unchanged. Trading volume was 2.33 billion shares valued at RM1.11 billion.

The gainers included Hong Leong Bank Bhd, KESM Industries Bhd, Petronas Gas Bhd, Carlsberg Brewery Malaysia Bhd, Nestle (M) Bhd, Fraser & Neave Holdings Bhd, Hengyuan Refining Company Bhd, JF Technology Bhd and United Plantations Bhd.

The actively traded stocks included AT Systemization Bhd, Sapura Energy Bhd, Bintai Kinden Corp Bhd, Vivocom International Holdings Bhd, Advance Synergy Bhd, Kanger International Bhd, TDM Bhd and KNM Group Bhd.

The decliners included Petronas Dagangan Bhd, Khind Bhd, Gets Global Bhd, CIMB Group Holdings Bhd, Kobay Bhd, Greatec Technology Bhd and Pintaras Jaya Bhd.

Reuters said World shares were set to seal a record-busting month on Monday as the prospect of a vaccine-driven global economic recovery next year and yet more free money from central banks eclipsed concerns about the pandemic in the near-term.

The rush to risk has also benefited oil and industrial commodities while undermining the safe-haven dollar and gold, it said.

Inter-Pacific Research Sdn Bhd said with sentiments largely intact, the broadly positive market conditions are likely to remain that could help to shore up the FBM KLCI at the start of the week.

The research house said it also sees the market supported by the bouts of month-end window dressing activities that should leave the key index in the positive territory for the year, much of it riding on the firming market undertone as potential Covid-19 vaccines are nearer to being introduced.

“However, after the strong gains over the past month, further upsides may become more measured as short-term catalysts are scant following the end of the results reporting season.

“With gains likely to be milder, the resistances are at 1,612 and the 1,618-1,620 levels over the near term, followed by the 1,626 level.

‘The immediate support is at the 1,600 points level, followed by the 1,590 level,” it said.

Inter-Pacific said most lower liners and broader market shares are still in a broadly consolidation trend and despite the continuing increase in market participation, we think that the sideway trend could persist.

“This may not be detrimental as it could allow these stocks to build up a base for a potential year-end rally as market sentiments are still showing signs of improvement,” it said.

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