KLCI finishes up on institutional buying as politics drives stock bets

KLCI finishes up on institutional buying as politics drive stock bets

KLCI finishes up on institutional buying as politics drive stock bets

-A +A

KUALA LUMPUR (Oct 9): The FBM KLCI finished up 10.92 points or 0.72% today at 1,530.35 on institutional buying and as Malaysia's political developments drove trading sentiment across Bursa Malaysia.

Across Bursa at 5pm, 6.61 billion securities were traded for RM2.89 billion as shares of companies seen to be linked to PKR leader Datuk Seri Anwar Ibrahim topped the exchange’s actively traded stocks list. 

Speaking to theedgemarkets.com today, Inter-Pacific Securities Sdn Bhd head of research Victor Wan said there was a possibility of "selective buying from institutional investors".

At a glance across Bursa, top gainers included KLCI stocks Hartalega Holdings Bhd and PPB Group Bhd.

The top active stock was Advance Synergy Bhd, followed by Malayan United Industries Bhd and Pan Malaysia Holdings Bhd after Anwar claimed yesterday he was granted an audience with Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah next Tuesday.

"At the meeting, I will present documentation of the strong and convincing majority of MPs (members of Parliament) as I mentioned earlier," Anwar claimed via Twitter yesterday.

At the time of writing this report, the official portal of Istana Negara had not issued any statement in response to Anwar's claim of having been granted the royal audience.

At Bursa today, Advance Synergy saw some 764 million shares traded while MUIIND and Pan Malaysia Holdings registered a trading volume of about 390 million and 223 million shares respectively.

Advance Synergy’s share price closed up 4.5 sen or 20.45% at 26.5 sen while Pan Malaysia Holdings added four sen or 27.59% to 18.5 sen. MUIIND ended unchanged at 14 sen after trading between 16.5 sen and 13 sen today.

Anwar's sister Farizon Ibrahim is a director of MUIIND and Pan Malaysia Holdings.

MUIIND said on its website that besides MUIIND and Pan Malaysia Holdings, Farizon also sits on the boards of Pan Malaysian Industries Bhd, Pan Malaysia Capital Bhd and Metrojaya Bhd.

Meanwhile, news reports have indicated that Advance Synergy group chair Datuk Ahmad Sebi Bakar is linked to Anwar although the reports do not say how they are linked.

MUIIND and its member companies are known as the MUI Group, which include Pan Malaysia Corp Bhd and MUI Properties Bhd.

Globally, it was reported that Asian shares inched towards 2-1/2-year highs on Friday as revived hopes for a US stimulus deal eclipsed weaker-than-expected jobs data, while mainland Chinese markets jumped after a week-long holiday.

It was reported that analysts said investors were also increasingly expecting the Democrats to take back the White House, and possibly the Senate as well, in the Nov 3 US election.

"A widening lead for Democratic presidential candidate Joe Biden is seen as reducing the risk of a contested election and opening the way for a big economic stimulus, helping to counter investors' wariness about a Democrat pledge to hike corporate tax rates,” Reuters reported.

Osamu Takashima, chief FX strategist at Citigroup Global Markets Japan, was quoted as saying: "Markets are starting to assume a Biden victory."

Chong Jin Hun