KLCI advances 0.9% in line with region as Pence-Harris debate kicks off in US

KLCI advances 0.9% in line with region as Pence-Harris debate kicks off in US
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KUALA LUMPUR (Oct 8): The main index of Bursa Malaysia advanced 0.9% in the mid-morning today in line with its regional peers as global attention turned to US Vice President Mike Pence and Senator Kamala Harris taking the stage in Utah to kick off a high-stakes vice presidential debate.

At 10am, the FBM KLCI had advanced 13.54 points to 1,503.10.

Gainers led losers by 370 to 271, while 383 counters traded unchanged. Trading volume was 1.75 billion shares valued at RM679.61 million.

The gainers included Nestle (Malaysia) Bhd, Fraser & Neave Holdings Bhd (F&N), Petronas Dagangan Bhd, Latitude Tree Holdings Bhd, Public Bank Bhd, Petronas Chemicals Group Bhd, Greatech Technology Bhd, MISC Bhd and QL Resources Bhd.

The actively traded stocks included Trive Property Group Bhd, Kanger International Bhd, Bina Puri Holdings Bhd, XOX Bhd and Lay Hong Bhd.

The decliners included G3 Global Bhd, Hong Leong Industries Bhd, TIME dotCom Bhd and Khind Holdings Bhd.

Bloomberg said Asian stocks followed their US peers higher as investors mulled encouraging signs for Joe Biden in the US presidential election race and what it could mean for stimulus.

Treasuries steadied after yields pushed higher, while the US dollar slipped, it said.

JF Apex Securities Research said US markets rallied overnight following hopes of fiscal stimulus and aid for airlines.

It said European stocks ended lower as US President Donald Trump earlier halted stimulus discussions until after the election.

“On the local market, the KLCI plunged 19.91 points to 1,489.56.

“Following the positive performance on Wall Street, the KLCI could climb with support at 1,475 points,” it said.