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KUALA LUMPUR (Sept. 14): FBM KLCI trimmed much of its gains in Monday’s midday break as key index-linked stocks including Tenaga Nasional Bhd and Malayan Banking Bhd (Maybank) declined, denying the advancement of glove manufacturers.
At 12:30 p.m., the FBM KLCI rose 2.82 points to 1,507.67. The index had previously risen to a high of 1,515.66.
The winners led the losers by 505 to 197, while 664 meters traded unchanged. The trading volume was 5.53 billion shares valued at RM3.64 billion.
The top winners were Malaysia Pacific Industries Bhd, Carlsberg Brewery Malaysia Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, Nestle (M) Bhd, Careplus Group Bhd, ViTrox Corp Bhd, Hartalega Holdings Bhd and Heineken Malaysia Bhd.
Actively traded stocks include Parkson Holdings Bhd, Kanger International Bhd, Hiap Teck Venture Bhd, XOX Bhd, Pasukhas Group Bhd, Top Glove, Careplus, Lambo Group Bhd, and Bumi Armada Bhd.
People who declined included Tenaga Nasional Bhd, IHH Healthcare Bhd, Dutch Lady Milk Industries Bhd, Maybank, PPB Group Bhd, Maxis Bhd, Tropicana Corp Bhd, Tune Protect Group Bhd, KKB Engineering (M) Bhd, and My EG Services Bhd.
Reuters He said Asian stocks were reaffirmed Monday on renewed hopes for a coronavirus vaccine after AstraZeneca resumed its phase 3 testing, although sentiment remained cautious ahead of a big week of central bank meetings in the UK. , Japan and the United States.
MSCI’s broader Asia-Pacific equity index outside of Japan rose 0.7%, set for its second consecutive earnings session, it said.
Hong Leong IB (HLIB) Research said that, led by a further rally in glove stocks in anticipation of Top Glove’s strong results on Thursday, KLCI could rally in a week shortened by holidays: the Valentine’s Day holiday. Malaysia falls on September 16.
Nonetheless, he said that in light of the internal and external headwinds, any rebound could be capped during this seasonally slow September outing (the KLCI fell 1.7% on average between 2000 and 2019).
HLIB said that overall volatility remains high amid domestic political uncertainty (ahead of the Sabah state elections on Sept. 26), the expiration of the six-month grace period for loan repayments, and a review of Malaysia’s position in the World Government Bond Index (WGBI). In late September, concerns about the government’s main source of revenue after Petronas’ sluggish 1HFY20 results, concerns about a Covid-19 resurgence in the fall and winter, escalating tension between the United States and China, the possible delay in vaccine development timelines and the possible stagnation of additional aid for the pandemic in the United States Congress along with the uncertainty looming ahead of the US presidential elections on November 3.
“Key supports are pegged at 1,474-1,461-1,428, while resistances are near 1,506-1,521-1,548,” he said.
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