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KUALA LUMPUR (Dec. 7): The Bursa Malaysia leading index reversed its previous loss and rose at noon, while regional markets stalled.
At 12:30 p.m., the FBM KLCI rose 0.66 points to 1,622.51. The index had previously fallen to a low of 1,618.98.
The winners led the losers by 456 to 362, while 862 counters were traded unchanged. The trading volume was 9,590 million shares valued at 4,050 million.
The winners included British American Tobacco (M) Bhd, Dutch Lady Milk Industries Bhd, Hengyuan Refining Company Bhd, Petron Malaysia Refining & Marketing Bhd, Heineken Malaysia Bhd, Malaysia Airports Holdings Bhd, IOI Property Group Bhd, and UWC Bhd.
Actively traded stocks include Yong Tai Bhd, Sapura Energy Bhd, XOX Bhd, Hiap Teck Venture Bhd, Kanger International Bhd, and Sanichi Technology Bhd.
Those that declined were Nestlé (M) Bhd, KESM Industries Bhd, PPB Group Bhd, Supermax Corp Bhd, Kossan Rubber Industries Bhd, Pharmaniaga Bhd and United Malacca Bhd.
Reuters He said Asian stocks fell back from a record high on Monday after Newswire’s report that the United States was preparing to impose sanctions on some Chinese officials highlighted geopolitical tensions, while oil prices fell due to rising cases. virus.
MSCI’s broader Asia-Pacific equity index outside of Japan fell 0.3% after four consecutive sessions of gains, it said.
Hong Leong IB Research said that following a powerful technical break above the long-awaited 1.618 neckline resistance last week, KLCI is poised for further profit-taking consolidation, given overbought momentum (+170 points from the 2 Nov 1452 low) and concerns about the enormous amount of global economic uncertainty created by Covid-19 despite vaccine optimism, expectations of a weaker economy in 4Q20 in Malaysia (post-CMCO 2.0) , along with a possible knee-jerk selloff after Fitch downgraded Malaysia’s sovereign credit rating to “BBB +” from “A-” last Friday.
“However, we believe that the traditional December showcase (average return of + 3.8% from 1990-2019 with success rates of 87%) and the continuous shift from pandemic-themed beneficiaries to recovery-focused beneficiaries can cushion the downside. close to 1,592 1,452) and 1,562 (November 30 low), ”he said.
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