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KUALA LUMPUR (Dec. 9): Public Bank Bhd led the charge among FBM KLCI counters, which ended 0.91% or 14.83 points higher at 1,646.53 today, its highest level in 18 months.
At the close of the market today, Public Bank was the top winner on the local stock exchange as well as the benchmark after it announced its bonus share issue yesterday.
The bank’s shares had ended RM7.58 or RM1.40 higher to RM19.86, valued at RM77.10 billion. He saw a trading volume of 19.83 million shares.
Two other banks dominated the list of top winners on the FBM KLCI, namely Hong Leong Bank and RHB Bank Bhd.
Hong Leong Bank was the second largest value gainer on the local exchange. Its share price rose 3.62% or 66 sen to RM18.88, yielding a market value of RM40.93 billion.
As for RHB, it gained 3.57% or 20 sen at RM5.80, yielding a market capitalization of RM23.26 billion.
In contrast, the main laggards in the index are Top Glove Corp Bhd, Telekom Malaysia Bhd and Axiata Group Bhd.
In a note, TA Securities Research said economic recovery games may pause for a respite given concerns about rising virus cases during the winter in the US and Europe, as well as profit taking. lingering amid strong recent gains.
The next immediate resistance for the index remains at 1,650 and 1,680, with the next hurdle to the upside seen from the July 2019 peak of 1,694. The immediate support for the uptrend comes from the 10-day ascending moving averages, recent lows, 100 and 50 days at 1,608, 1,580, 1,562, 1,547 and 1,542, respectively, ”said the research house.
However, the amplitude of the market was broadly negative, with some 641 accountants posting declines versus 500 accountants posting gains and 549 accountants unchanged.
Today’s top assets include AirAsia X Bhd, XOX Bhd and Sino Hua-An International Bhd. The main winners were Public Bank, Hong Leong Bank and Fraser & Neave Holdings Bhd. The main losers, on the other hand, included BLD Plantation Bhd, Supermax Corp Bhd, and G Capital Bhd.
A total of 11.88 billion shares worth RM6.68 billion were traded on the local exchange today.
The observed gain in the FBM KLCI was not limited to the shores of Malaysia, as other key regional indices also posted bullish movements.
Hong Kong’s Hang Seng Index rose 0.75% or 198.28 points to 26,502.84. The Nikkei 225 in Japan had also advanced 1.33% or 350.86 points to 26,817.94. Seoul’s Kospi gained 2.02% or 54.54 points to 2,755.47. Across the road, the Straits Times Index was 0.75% or 21.31 points higher at 2,846.94.
Meanwhile, the Shanghai Composite Index was down 1.12% or 38.21 points to 3,371.96.
Reuters reported that a strong ending overnight on Wall Street on the progress of Covid-19 vaccines had side effects.
“The positive sentiment from a strong Wall Street ending to progress on coronavirus vaccines spread to Asia as most equity markets made big gains,” he noted.
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