KLCI firmer on news data from China beat forecast

KUALA LUMPUR (Dec 7): Bursa Malaysia resumed the afternoon session on a firm note, backed by buying support for the index-linked counters, amid positive market sentiment following encouraging export data from China.

At 3.04pm, the FBM KLCI had risen 5.7 points to 1,627.55, largely lifted up by gains in Malayan Banking Bhd (Maybank), Petronas Chemicals Group Bhd (PetChem) and IHH Healthcare Bhd.

On the broader market, gainers slightly outnumbered losers 686 to 613, while 411 counters were unchanged, 423 untraded and 31 others suspended.

Volume stood at 11.62 billion units worth RM4.79 billion.

A dealer said China’s exports in November rose 21.1% year-on-year (y-o-y), beating analysts’ expectations for a 12% increase and quickening from a 11.4% hike in October.

The November 2020 export growth was the fastest pace recorded since February 2018, supported by a recovery in factory activities, coupled with strong global demand, especially for personal protective equipment (PPE) and electronics devices to cater for working from home, he said.

The dealer added that the relaxation of the conditional movement control order (CMCO) measures also sparked positive sentiment in the market as it boded well for economic growth.

Among the heavyweights, Maybank rose nine sen to RM8.29, PetChem chalked up 12 sen to RM7.51, and IHH Healthcare bagged eight sen to RM18.68.

Meanwhile, Tenaga Nasional Bhd (TNB) eased two sen to RM10.92, Top Glove Corp Bhd trimmed four sen to RM6.61 and Hartalega Holdings Bhd lost 14 sen to RM14.36.

Among the actives, Yong Tai Bhd bagged 4.5 sen to 41 sen, Top Builders Capital Bhd gained 3.5 sen to 14.5 sen, Sapura Energy Bhd inched up half a sen to 13 sen and Inix Technologies Holdings Bhd was lifted by 19 sen to 52 sen, while XOX Bhd was flat at 10.5 sen.

On the index board, the FBM Emas Index advanced 57.68 points to 11,798.4, the FBMT 100 Index climbed 61.02 points to 11,554.98 and the FBM Emas Shariah Index picked up 31.13 points to 13,538.3.

The FBM 70 rose 161.43 points to 15,410.98 and the FBM ACE bagged 61.28 points to 10,686.25.

Meanwhile, the Industrial Products and Services Index added 1.44 points to 175.23 and the Plantation Index expanded 53.18 points to 7,402.58, while the Financial Services Index earned 126.72 points to 14,644.18.