KLCI reverses loss, climbs on bargain hunting

KUALA LUMPUR (Nov 20): The main index at Bursa Malaysia reversed its earlier loss and climbed at mid-morning today on bargain-hunting activities.

At 10am, the FBM KLCI added 1.55 points to 1,585.23. The index had earlier slipped to a low of 1,579.49.

Gainers led losers by 496 to 322, while 421 counters traded unchanged. Trading volume was 2.05 billion shares valued at RM1.01 billion.

The gainers included Petron Malaysia Refining & Marketing Bhd, Malaysian Pacific Industries Bhd, Euro Holdings Bhd, Supermax Corp Bhd, Nestle (M) Bhd, Heineken Malaysia Bhd, Hengyuan Refining Company Bhd and Hartalega Holdings Bhd.

The actively traded stocks included Southern Cable Group Bhd, Key Alliance Group Bhd, AT Systematization, Samaiden Group Bhd, Kanger International Bhd, Metronic Global Bhd, KNM Group Bhd and Trive Property Group Bhd.

The decliners included Pharmaniaga Bhd, Dutch Lady Milk Industries Bhd, Hong Leong Financial Group Bhd, Public Bank Bhd, Hong Leong Capital Bhd, Tenaga Nasional Bhd and UWC Bhd.

Reuterssaid global stocks came under pressure on Friday after US Treasury Secretary Steven Mnuchin called for an end to pandemic relief for struggling businesses, sparking a rare clash between the central bank and Treasury and weighing on sentiment.

Asian shares staged a mixed open and futures for the S&P 500 fell 0.66%, erasing the firmer lead from a strong Wall Street session overnight, it said.

Rakuten Trade said US markets rebounded to close marginally higher with three of the major stock indices ending in positive territory overnight.

It said regional markets sentiments are expected to be cautious as US futures were lower after news on the clash of stimulus plans between US Treasury and Federal Reserves.

“On our local market, we may see bargain hunting and rotational play as the vaccine news and Covid-19 numbers continue to rise.

“Oil & gas related stocks may see renewed interest as Brent crude oil has risen to 11-week high.

“Recent financial results of plantation stocks showing strong growth is also the sector to watch for trading opportunities,” it said.