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KUALA LUMPUR (Oct 20): Bursa Malaysia’s leading index trimmed some of its loss at the midday break today, against the backdrop of weaker regional markets on the question marks of the US elections, while that Mah Sing Group Bhd seems to be quickly emerging as the new darling of investors.
At 12:30 p.m., the FBM KLCI fell 1.36 points to 1,516.75. The index had previously fallen to a low of 1,514.10.
Market breadth was tepid with 428 losers and 276 winners, while 656 counters traded unchanged. The trading volume was 6.51 billion shares valued at RM3.22 billion.
The main declines were Nestlé (M) Bhd, PPB Group Bhd, Bintulu Port Holdings Bhd, Dutch Lady Milk Industries Bhd, Carlsberg Brewery Malaysia Bhd, Kossan Rubber Industries Bhd, Duopharma Biotech Bhd, Apex Healthcare Bhd, Vstecs Bhd and Prestariang Bhd.
Actively traded stocks include Mah Sing, which continued to move higher this morning, rising 18.5% or 23 sen to RM1.47, just one step away from the higher price target (TP) set by analysts.
At noon, the accountant cut his profit and was up 12 sen to RM1.36 with 283.4 million shares traded.
Hong Leong Investment Bank (HLIB) research analyst Andrew Lim Ken-Wern said in a note today that he remained positive on Mah Sing’s foray into the glove business as it diversifies its profit base from relying on of the real estate market, which is experiencing a slowdown. .
The move also allows the company to take advantage of growing global demand for gloves in the future, Lim said.
He kept his “buy” call to the counter, with a higher TP of RM1.41 from 85 sen previously.
Other stocks that are actively traded include Lambo Group Bhd, Luster Industries Bhd, XOX Bhd, AT Systematization Bhd, and Pegasus Heights Bhd.
Winners included Gets Global Bhd, Scientex Bhd, Malaysia Pacific Industries Bhd, Karex Bhd, ViTrox Corp Bhd, and Press Metal Aluminum Holdings Bhd.
Reuters He said Asian equities fell on Tuesday as investors adjusted risk exposure ahead of the U.S. election and as the deadline for Washington to pass an economic stimulus bill approached, while Europe reported record daily coronavirus infections. .
MSCI’s broader Asia-Pacific equity index outside of Japan was 0.11% lower after US stocks closed the previous session in the red. Markets in Australia and Japan also fell, with MSCI’s global stock indicator 0.09% lower.
Rakuten Trade said that US markets closed lower due to uncertainty in stimulus plans as the election date approaches, despite stronger economic figures from China.
However, he said that Dow Jones Futures had recovered, so regional markets sentiment should improve from the overnight weakness in US markets due to more optimistic economic figures from China.
“On our home front, we expect continued interest in the broader market as the volume of operations continues to improve, as gloves, masks and healthcare-related actions would continue to be the focus of attention as our Covid-19 numbers continue to rise and more people work from home.
“Therefore, we recommend investors to take positions and follow the trend,” he said.
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