KLCI stays above 1,500 points amid positive regional market sentiment

KUALA LUMPUR (Nov 10): Bursa Malaysia started the day in volatile trading but the key index remained above the 1,500 level amid positive regional market sentiment despite mild profit-taking on the local front, dealers said.

At 9.10am, the FBM KLCI had gained 2.34 points to 1,526.66 after opening 2.37 points lower at 1,521.95.

Gainers and losers almost equal 357 to 392, while 876 counters were unchanged, 523 untraded and 33 others suspended.

Total volume stood at 1.81 billion worth RM892.87 million.

Malacca Securities Sdn Bhd said a consolidation might take charge today, owing to the recent strong strides, with gains likely to be capped towards the immediate resistances at between 1,530 and 1,540.

“We expect the 1,500 level remain well supported at the current juncture, followed by 1,470,” the research firm said in a note today.

Banking sectors were on the rise, steered by Public Bank, Maybank, CIMB, Hong Leong Bank and RHB Bank as the blanket moratorium announced in Budget 2021, which bodes well for banks’ earnings.

However, rubber glove manufacturers, Hartalega and Top Glove were the biggest losers among the index-linked counters, dragging the composited index down with a substantial 22.77 points to the KLCI.

Hartalega dropped RM1.74 to RM16.48, while Top Glove decreased 63 sen to RM7.85.

Among other heavyweights, Maybank perked 16 sen to RM7.28, Public Bank rose 72 sen to RM16.02 and Tenaga Nasional Bhd (TNB) bagged eight sen to RM10.34, while Petronas Chemicals shed one sen to RM6.36.

Of the actives, AirAsia X gained three sen to seven sen, Kanger added two sen to 21 sen, while both AT Systematization and Technodex slid 2.5 sen each to 19 sen and 2.1 sen respectively.

On the index board, the FBM Emas Index improved 6.64 points to 11,046.84 and the FBMT 100 Index was 4.64 points higher at 10,837.38.

However, the FBM Emas Shariah Index fell 177.09 points to 13,155.82, the FBM 70 eased 40.36 points to 14,448.68 and the FBM ACE gave up 208.14 points for 11,167.03.

Sector-wise, the Financial Services Index surged 300.88 points to 12,568.15, the Plantation Index improved 11.94 points to 7,160.67, but the Industrial Products and Services Index slipped 0.33 of a point to 150.92.

Source: TheEdgeMarkets