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KUALA LUMPUR (Nov 12): FBM KLCI gained 1.32% or 20.70 points to a more than three-month high of 1,590.78, thanks to persistent buying interest in blue chips, as mutual funds are hedging their positions by the probability of expected economic recovery.
Vincent Lau, research vice president at Rakuten Trade Sdn Bhd, said the positive sentiment about KLCI was supported by investor optimism about the government’s efforts to contain the pandemic and that they will help pave the way for economic recovery.
In the general market, some penny stocks have regained interest. One that has taken the spotlight is AT Systematization Bhd, whose trading volume soared to 2.62 billion, making it the most traded stock in Bursa Malaysia today. Its trading volume represented 15.82% of the total daily trading volume of the stock market of 16.56 billion shares.
Across Bursa Malaysia, there were 686 winners to 411 losers, while 536 counters were unchanged.
Around 16.56 billion shares were traded today, a whopping 62% compared to yesterday’s trading volume of 10.19 billion. Daily trading volume is the highest since August 12, when 19.16 billion shares changed hands.
Turnover was marginally lower at RM5.88 billion from RM5.95 billion recorded yesterday.
Other stocks that are actively traded include Metronic Global Bhd, Xidelang Holdings Ltd, Lambo Group Bhd, Compugates Holdings Bhd, PDZ Bhd, Key Alliance Group Bhd, and DGB Asia Bhd.
Plantation accountants pegged to the index raised the benchmark. Hap Seng Consolidated Bhd rose 40 sen or 4.98% to RM8.43, while Kuala Lumpur Kepong Bhd rose 26 sen or 1.13% to close at RM23.26.
The palm oil plantation FBM-NC (FBMPALMOIL-NC) increased by 1.84% or 227.06 points to 12,586.07. Bursa Malaysia Plantation also increased 1.43% or 102.87 points to 7,280.65.
At closing, the CPO futures contract for December 2020 increased RM33 to RM3,489 per ton and for January 2021, it increased RM17 to RM3,363 per ton.
Index-linked glove counters Top Glove Corp and Hartalega Holdings Bhd were among the top losers. Top Glove lost 16 sen or 2.04% at RM7.70 while Hartalega closed 14 sen or 0.9% at RM15.36.
Supermax Corp Bhd also lost 20 sen or 2.25% to RM8.70, while Kossan Rubber Industries Bhd fell two sen or 0.3% to RM6.62.
Elsewhere in Asia, Tokyo’s Nikkei 225 rose 0.68%, while Seoul’s Kospi fell 0.41%. The Hong Kong Hang Seng Index lost 0.22%, while the Shanghai Stock Exchange Composite Index fell 0.11%.
Reuters reported that Asian stocks trimmed their gains in choppy trading on Thursday as investors awaited more details on whether drugmakers can develop a coronavirus vaccine.
Oil futures traded near two-month highs on hopes of a vaccine and a larger-than-expected drop in US crude inventories.
Brent crude rose 0.02% to $ 43.81 a barrel, close to a two-month high. US crude futures also rose 0.14% to $ 41.51 a barrel, it added.
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