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KUALA LUMPUR (Nov 24): Bursa Malaysia’s leading index fell 0.61% ahead of today’s noon break in consolidating profit-taking as well as investor nervousness ahead of the Budget vote 2021 on Thursday.
Top Glove Corp Bhd fell 6.12% after confirming that it is temporarily closing 28 factories in Klang, Selangor, following an insurgency of Covid-19 cases among its workers.
At 12.30 pm, the FBM KLCI had fallen 9.75 points to 1,587.73.
Market breadth was negative, with 613 losers and 155 winners, while 760 counters were traded unchanged. The trading volume was 5.46 billion shares valued at RM2.41 billion.
People who declined included Nestlé (Malaysia) Bhd, Carlsberg Brewery Malaysia Bhd, Petronas Dagangan Bhd, Top Glove, Heineken Malaysia Bhd, Vivocom Intl Holdings Bhd, Scientex Bhd, AEON Credit Service (M) Bhd, and GETS Global Bhd.
Top Glove lost 45 sen to RM6.90, valuing it at RM56.55 billion.
Actively traded stocks include AT Systematization Bhd, Pegasus Heights Bhd, Vivocom, Sapura Energy Bhd, Kanger International Bhd, XOX Bhd, and Bumi Armada Bhd.
Winners included Euro Holdings Bhd, Petronas Gas Bhd, Public Bank Bhd, Petra Energy Bhd, KESM Industries Bhd, Asia Brands Bhd, and Malaysia Airports Holdings Bhd (MAHB).
Reuters reported that Asian stocks rose today as news that US President-elect Joe Biden received the go-ahead to begin his transition to the White House added to an already more optimistic mood due to progress made in the development of the Covid-19 vaccine and the prospects for a rapid global economy. Renaissance.
The head of the U.S. General Services Administration, Emily Murphy, wrote in a letter to Biden yesterday that she can formally begin the transfer process: Reuters reported.
Hong Leong Investment Bank (HLIB) Research said that after enjoying a 146-point rally from the 1,452 low, the KLCI is likely to witness a pullback in short-term profit-taking amid technical overbought readings. and concerns about the enormous amount of economic uncertainties. created by rising Covid-19 infections despite vaccine optimism, expectations of a weaker economy in Q4 2020 (4Q20), and weaker corporate earnings in Malaysia (due to motion control order conditional or CMCO), the peak reached in the results of the 3Q20 season and the vote of the Budget 2021 on Thursday.
“Key support is linked to [the] 1,591-1,579-1,555 levels, while resistance falls at [the] 1,600-1,618-1,640 levels, ”he said.
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