[ad_1]
KUALA LUMPUR (Sept 11): The FBM KLCI reversed its previous loss to close higher at the midday break today after Malaysia’s Industrial Production Index (IPI) returned to positive growth, for the first time since February. , from 1.2% in July 2020.
At 12.30pm, the KLCI rose 4.55 points to 1,494.67. The index earlier in the morning fell to a low of 1,477.47.
The winners outnumbered the losers by 379 to 279, while 700 counters were traded unchanged. The trading volume was 4.75 billion shares valued at RM3.86 billion.
The main winners were Supermax Corp Bhd, Top Glove Corp Bhd, Rubberex Corp (M) Bhd, Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, Bursa Malaysia Bhd, Comfort Gloves Bhd, Careplus Group Bhd, Adventa Bhd and ViTrox Corp Bhd.
Stocks that are actively traded include XOX Bhd, Sapura Energy Bhd, Top Glove, Borneo Oil Bhd, Kanger International Bhd, Careplus, HLT Global Bhd, and Supermax.
Those that declined included Nestlé (Malaysia) Bhd, Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Tenaga Nasional Bhd, Fraser & Neave Holdings Bhd, Hap Seng Consolidated Bhd, CE Technology Bhd, Milux Corp Bhd, and Latitude Tree Holdings Bhd.
Reuters He said Asian stocks struggled to contain a bearish mood today after stocks of large US tech firms fell again overnight on mounting doubts about US stimulus and concerns about their stretched valuations.
MSCI’s broader Asia-Pacific equity index outside of Japan fell 0.2%, just above the month-long low hit earlier this week. Japan’s Nikkei rose 0.3%, Reuters reported.
Hong Leong Investment Bank (HLIB) Research said that, following further downward consolidation on Wall Street and the technically bearish KLCI, the local index is expected to extend its consolidation mode during the seasonal downturn in September (fell around 1, 7% every September in 2000-2019).
“Overall, volatility remains high amid domestic political uncertainties [ahead of the Sept 26 Sabah state election], concerns about a Covid-19 resurgence in the fall and winter, escalating tensions between the United States and China, possible delays in vaccine development timelines, and a deadlock in the United States Congress on additional aid for the pandemic, along with uncertainties ahead of the impending US presidential election on November 3.
“The key supports are set at 1,474-1,461-1,428, while the resistances are located near 1,506-1,521-1,542,” added the research house.
[ad_2]
