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KUALA LUMPUR (Oct 21): Bursa Malaysia’s main index reversed its previous meager gains mid-morning as select index-linked stocks, including Top Glove Corp Bhd and Kuala Lumpur Kepong Bhd (KLK), fell back.
At 10 a.m., the FBM KLCI had lost 1.51 points to 1,509.46. The index rose earlier to 1,513.20.
The winners led the losers by 396 to 364, while 385 meters traded unchanged. The trading volume was 2.390 million shares valued at 1.04 billion ringgit.
The main losers were Malaysia Pacific Industries Bhd (MPI), Dutch Lady Milk Industries Bhd, Pintaras Jaya Bhd, Supermax Corp Bhd, Sime Darby Plantation Bhd, Top Glove, Kossan Rubber Industries Bhd and KLK.
Actively traded stocks included Luster Industries Bhd, AT Systematization Bhd, Impiana Hotels Bhd, Vortex Consolidated Bhd, Diversified Gateway Solutions Bhd, Mah Sing Group Bhd, and Dagang NeXchange Bhd.
The winners were Nestlé (Malaysia) Bhd, Petronas Dagangan Bhd, ViTrox Corp Bhd, Pentamaster Corp Bhd, Khind Holdings Bhd, United Plantations Bhd, UWC Bhd and Kumpulan Powernet Bhd.
Reuters He said Asian equities were poised for modest gains today after renewed hopes for US stimulus helped Wall Street climb, though wobbles in the tech sector could keep investor sentiment in check.
Australian stocks opened slightly higher, while MSCI’s global stocks indicator was more or less flat. Nikkei 225 futures were up 0.25%, it said.
Hong Leong Investment Bank (HLIB) Research said that despite closing above the critical support of the 200-day simple moving average (200D SMA) (now at 1,497 points) and with the main support trend line from the low of 1,474 , the KLCI is still engaged in a tug-of-war between bulls and bears amid mounting headwinds ahead of the US presidential election and a resurgence of Covid-19 infections globally.
“Furthermore, more targeted blocks amid an increase in local Covid-19 broadcasts in Malaysia may dampen our expectations for an economic recovery and corporate earnings in 2H20 (second half 2020),” he said.
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