KLCI reverses earlier loss as glove makers lift

KUALA LUMPUR (Nov 26): The main index of Bursa Malaysia reversed its earlier loss and climbed in the mid-morning as index-linked glove makers lifted against a backdrop of muted regional markets.

At 10am, the FBM KLCI was up 0.80 points at 1,598.38. The index earlier slipped to a low of 1,591.11.

Gainers led losers by 411 to 383, while 424 counters traded unchanged. Trading volume was 1.94 billion shares valued at RM887.06 million.

The advancers included Nestle (Malaysia) Bhd, Khind Holdings Bhd, KESM Industries Bhd, Panasonic Manufacturing Malaysia Bhd, Top Glove Corp Bhd, Supermax Corp Bhd and Hartalega Holdings Bhd.

The actively traded stocks included Vivocom Intl Holdings Bhd, AT Systematization Bhd, KNM Group Bhd, JAKS Resources Bhd, Bumi Armada Bhd and Daya Materials Bhd.

The decliners included Public Bank Bhd, Hong Leong Bank Bhd, Dutch Lady Milk Industries Bhd, Vivocom, IJM Plantations Bhd, Lii Hen Industries Bhd and Cycle & Carriage Bintang Bhd.

Bloomberg said the rally that had propelled global equities to all-time highs this month cooled today, while crude oil continued advancing towards US$46 (RM187.89) a barrel.

The US dollar held its loss, it was reported.

JF Apex Research said the Dow Jones Industrial Average retreated yesterday after hitting a significant 30,000-point milestone as the US Labor Department recorded a disappointing unemployment data.

It said that similarly, European markets saw little change, taking a breather from the recent rally.

“On the local market, the KLCI soared 19.19 points or 1.22% to 1,597.58.

“Following overnight muted performances of the US and European markets, we expect some profit-taking activities to weigh on the KLCI following yesterday’s rally.

“Market sentiment could also be swayed by the Budget 2021 vote in Parliament today,” it said.

Source: TheEdgeMarkets