[ad_1]
KUALA LUMPUR (Nov 6): Bursa Malaysia’s leading index reversed its previous loss and pushed higher to move firmly above the 1,500 point threshold mid-morning, driven by gains, including for Public Bank Bhd, while investors were attentive Budget 2021 that will be released later today.
At 10 a.m., the FBM KLCI had risen 9.38 points to 1,510.87. The index previously fell to a low of 1,497.32.
Market breadth was positive with 501 winners and 296 losers, while 415 counters were traded unchanged. The trading volume was 2.19 billion shares valued at RM1.16 billion.
The top winners were Malaysia Pacific Industries Bhd, PPB Group Bhd, ViTrox Corp Bhd, Supermax Corp Bhd and Public Bank.
Actively traded stocks include AT Systematization Bhd, Iris Corp Bhd, JCY International Bhd, Lambo Group Bhd, Mah Sing Group Bhd, and Luster Industries Bhd.
Those that declined included Greatech Technology Bhd, QL Resources Bhd, GHL Systems Bhd, JF Technology Bhd, MISC Bhd, Dialog Group Bhd, and Ipmuda Bhd.
Reuters said a gauge of Asian equities was set to hold on to a nearly three-year high, while the US dollar was sluggish today as the prospect of a divided US legislature dimmed the possibility of major policy changes, which raised the appetite for risk.
The uncertainty of an extremely tight US presidential election aside, investors bought riskier assets like the Australian dollar overnight, which jumped to a six-week high before taking profit-taking in Asian trade. early, he said.
Rakuten Trade said Wall Street continued its rally as the results of the US elections approached with the prices of the markets in Biden’s victory.
He said that US futures were higher today and that the US Federal Reserve (Fed) is expected to keep rates stable and stress that more fiscal support and stimulus is needed.
Regional markets are expected to continue the positive sentiment following the lead of the bull markets in the United States yesterday.
“In our local market, there was a pre-budget rally yesterday with our KLCI back above 1,500 and we look forward to continuing to buy today.
“Therefore, investors should take positions for business opportunities as CPO (crude palm oil) prices [go] above [the] RM3,200 level, [when] plantation stocks will be the main beneficiaries, while personal protective equipment (PPE) related to health care [and] Actions related to masks will also be in the spotlight as there are more places under the CMCO (conditional movement control order) and Covid-19 numbers remain high, ”he said.
[ad_2]
