KLCI pares gains, hovers just shy of 1,600-mark

KUALA LUMPUR (Nov 23): The main index at Bursa Malaysia pared some of its gains at mid-morning and hovered just shy of the 1,600-point threshold, while regional markets edged higher.

At 10am, the FBM KLCI was up 5.16 points to 1,598.91. The index had earlier risen to a high of 1,599.63.

Gainers led losers by 481 to 363, while 455 counters traded unchanged. Trading volume was 2.48 billion shares valued at RM949.66 million.

The top gainers included Carlsberg Brewery Malaysia Bhd, Fraser & Neave Holdings Bhd, Petronas Dagangan Bhd, Malaysian Pacific Industries Bhd, PPB Group Bhd, Scientex Bhd, UWC Bhd, Public Bank Bhd and Tasco Bhd.

The actively traded stocks included Metronic Global Bhd, NetX Holdings Bhd, DGB Asia Bhd, EA Holdings Bhd and Tiong Nam Logistics Bhd.

The decliners included Panasonic Manufacturing Malaysia Bhd, Kotra Industries Bhd, Mega First Corp Bhd, MBM Resources Bhd, Chin Teck Plantations Bhd and QL Resources Bhd.

Bloombergsaid stocks began the week with little fanfare, edging higher across the Asia Pacific as traders monitored developments on progress toward a vaccine.

The pound ticked up, it said.

Rakuten Trade said US major indices ended in the negative territory last Friday as the rising coronavirus cases are casting doubts on the strength of economic recovery.

The research house said regional markets are likely to be on mixed tone mirroring the performance of US markets last Friday.

“On the local front, last Friday saw bargain hunting on battered down glove companies due to surging numbers of global coronavirus cases which anchored the recovery of the KLCI to close higher.

“As such, we may see follow through buying on healthcare related, personal protective equipment related stocks today.

“Meanwhile, Brent crude oil price ended near US$45 and gained over 5% last week hence investors should start to take position on the oil and gas related stocks as well,” it said.