KLCI higher after Malaysia 3Q GDP announcement

KUALA LUMPUR (Nov 13): Bursa Malaysia recouped earlier losses at mid-afternoon, with the key index moving into a positive territory as sentiment in the market recovered following the gross domestic product (GDP) announcement for the  third quarter of 2020 (3Q20).

At 3.04pm, the benchmark FBM KLCI added 0.22 point to 1,591 after fluctuating between 1,572 and 1,591.63 during the day.

Despite weaknesses in the regional markets, local investors reacted positively to the GDP results, which saw Malaysia's economy recover by recording a smaller contraction of -2.7% in 3Q20 against -17.1% in the previous quarter.

Bank Negara Malaysia said the improvement largely reflected the reopening of the economy from Covid-19 containment measures and better external demand conditions.

On the broader market, losers slightly outnumbered gainers 585 to 505, while 838 counters were unchanged, 257 untraded, and 39 others suspended.

Total volume stood at 8.95 billion shares worth RM2.93 billion.

Among the heavyweights, Malayan Banking Bhd rose eight sen to RM7.88, Top Glove Corp Bhd gained three sen to RM7.73, and Hartalega Holdings Bhd bagged four sen to RM15.40.

Public Bank Bhd decreased 14 sen to RM17.78, and Tenaga Nasional Bhd and Petronas Chemicals Group Bhd shed 10 sen each to RM11.38 and RM6.82, respectively.

Of the actives, AT Systematization Bhd and Metronic Global Bhd perked 3.5 sen each to 25.5 sen and 16.5 sen, respectively, Xidelang Holdings Ltd slid one sen to 8.5 sen, while Nexgram Holdings Bhd added one sen to six sen.

On the index board, the FBM Emas index improved 5.47 points to 11,410.81, the FBMT 100 index increased 4.29 points to 11,207.28, the FBM Emas Shariah index bagged 5.75 points to 13,326.52, and the FBM 70 gained 16.25 points to 14,603.85.

However,the FBM ACE fell 137.72 points to 11,214.41.

The Industrial Products and Services index added 0.8 of a point to 157.02, the Plantation index advanced 12.05 points to 7,292.7, but the Financial Services index contracted 7.15 points to 13,575.46.