KUALA LUMPUR (Jan 15): The main index at Bursa Malaysia slipped at midday break today as index-linked heavyweights, including Malayan Banking Bhd (Maybank) and Public Bank Bhd, dragged.

At 12.30pm, the FBM KLCI was down 3.88 points at 1,631.83. The index had earlier risen to a high of 1,637.88.

Losers led gainers by 368 to 314, while 733 counters traded unchanged. Trading volume was 3.09 billion shares valued at RM2.17 billion.

The decliners included KESM Industries Bhd, IHH Healthcare Bhd, Petron Malaysia Refining & Marketing Bhd, Tasco Bhd, Hong Leong Financial Group Bhd, MISC Bhd, Maybank, Hengyuan Refining Company Bhd, Petronas Gas Bhd, Public Bank and Hartalega Holdings Bhd.

The actively traded stocks included PNE PCB Bhd, XOX Bhd, AT Systematization Bhd, Metronic Global Bhd, JCY International Bhd, Iris Corp Bhd and Rubberex Corp Bhd.

The gainers included Kobay Bhd, Nestle (M) Bhd, Euro Holdings Bhd, Eita Resources Bhd, Malaysian Pacific Industries Bhd, Greatech Technology Bhd and JF Technology Bhd.

Reuters said Asian shares edged up near record highs on Friday after US President-elect Joe Biden proposed a US$1.9 trillion stimulus plan to jump-start the world's largest economy and accelerate its response to Covid-19.

In prime-time remarks, Biden outlined a proposal that includes US$415 billion aimed at the Covid-19 response, some US$1 trillion in direct relief to households, and roughly US$440 billion for small businesses and communities hard hit by the pandemic, it said.

Hong Leong IB Research said it was optimistic that the market would stabilise and move higher towards 1,650-1,667 resistances after a brief profit-taking consolidation (supports 1,562-1,573 levels).

“Although the movement control order (MCO 2.0) and the state of emergency measures will pose downside risks to economic and corporate earnings growth, investors should not lose sight as the vaccine deployment plans and accommodative fiscal and monetary policy coupled with the recent rally in commodity prices would keep equities favourable.

“Our fundamental top picks have a recovery bias (Tenaga Nasional Bhd, RHB Bank Bhd, DRB-Hicom Bhd, MBM Resources Bhd and Focus Point Holdings Bhd), combined with volatility (Bursa Malaysia Bhd), defensives (Telekom Malaysia Bhd, MQREIT), value (IJM Corp Bhd, Sunway Bhd, Bumi Armada Bhd) and sold down pandemic beneficiaries (Top Glove Corp Bhd),” it said.