[ad_1]
KUALA LUMPUR (Sept 21): The FBM KLCI returned to positive territory in the midday break Monday as crude palm oil held above the RM3,000 level and indexed plantation stocks increased.
At 12.30pm, the FBM KLCI gained 1.04 points to 1,507.67. The index had previously fallen to a low of 1,501.77.
The losers led the winners by 388 to 295, while 677 meters traded unchanged. The trading volume was 3.60 billion shares valued at RM1.64 billion.
The winners were Scientex Bhd, United Plantations Bhd, Kuala Lumpur Kepong Bhd, MMAG Holdings Bhd, PPB Group Bhd, Amanah Harta Tanah PNB, Aeon Credit Service (M) Bhd, Malaysia Pacific Industries Bhd, Carlsberg Brewery Malaysia Bhd and Sarawak Oil Palms Bhd .
Actively traded stocks include Metronic Global Bhd, Rimbunan Sawit Bhd, HB Global Bhd, Sapura Energy Bhd, Iris Corp Bhd, TDM Bhd, and Jaya Tiasa Holdings Bhd.
Those that declined included Petronas Dagangan Bhd, Fraser & Neave Holdings Bhd, Hong Leong Financial Group Bhd, Supermax Corp Bhd, Mega First Corp Bhd, Harrisons Holdings (M) Bhd and Sern Kou Resources Bhd.
Reuters He said Asian stocks and most currencies held tight ranges on Monday as investors awaited developments on US fiscal stimulus and coronavirus vaccines amid a resurgence of infections in Europe.
MSCI’s broader Asia-Pacific equity index outside of Japan was 0.1% weaker, although it wasn’t far behind the June 2018 high of 568.84, it said.
Hong Leong IB Research said it continues to err on the side of caution in the short term due to local uncertainties ahead of the Sabah elections on September 26 (adding that Prime Minister Tan Sri Muhyiddin Yassin has already signaled that a victory will speed up GE15) , liquidity was depleted amid the expiration of the six-month grace period for loan repayments (end of September), revision of Malaysia’s position on the World Government Bond Index (WGBI) in late September and lingering concerns about the government’s main source of revenue after Petronas’ slow results in the first half of 2020.
“Nonetheless, potential 3Q20 window dressing activities may cushion a further decline with major supports set at 1,500-1,487-1,474, while key resistances fall at 1,521-1,529-1,543,” he said.
[ad_2]
