KUALA LUMPUR (Jan 7): The FBM KLCI closed up 0.69% or 10.98 points at 1,602.95 on bargain hunting, tracking gains seen on regional bourses.

The benchmark index slipped to a low of 1,572.62 earlier as domestic political uncertainties and record-high Covid-19 cases cast a shadow on the market.

Malacca Securities Sdn Bhd head of research Loui Low told theedgemarkets.com that investors might take into account the possibility of another round of political uncertainties that would impact the economy, so the market is expected to remain flat for at least this week.

“The market [trading] was quite sideways today because people were speculating that businesses might go into another round of the movement control order (MCO). That’s why the selldown came in earlier.

“But it turned flat for the KLCI, supported by plantation and glove stocks. Bargain-hunting activities were also seen in the banking sector,” he said.  

Overall, market breadth was negative, with 889 counters ending the day in the red, versus 359 gainers and 404 that were unchanged.

A total of 6.51 billion securities were traded at a value of RM5.03 billion, compared with 7.73 billion securities worth RM4.4 billion yesterday.

Among the top losers were Heineken Malaysia Bhd (down 62 sen or 2.79% to RM21.58), Dutch Lady Milk Industries Bhd (down 58 sen or 1.57% to RM36.30), British American Tobacco (Malaysia) Bhd (down 56 sen or 4.05% to RM13.28), Toyo Ventures Holdings Bhd (down 36 sen or 14.06% to RM2.20) and ViTrox Corp Bhd (down 30 sen or 2.08% to RM14.10).

The top gainers included Nestle (Malaysia) Bhd (up RM1.50 or 1.09% to RM139.50), Petronas Dagangan Bhd (up 62 sen or 3% to RM21.30), Malaysian Pacific Industries Bhd (up 54 sen or 2.23% to RM24.74), PPB Group Bhd (up 50 sen or 2.69% to RM19.10) and Euro Holdings Bhd (up 40 sen or 10.44% to RM4.23).

AT Systematization Bhd, which saw 267.96 million shares change hands, was the most actively traded stock today.

Most Asian shares rose today after the Dow Jones Industrial Average surged to an all-time high overnight.

Reuters reported that Asian stocks rallied on the prospect of a large fiscal stimulus in the US after Democrats won control of the Senate.

South Korea’s Kospi ended at a record high level of 3,031.68, rising 2.14%; Japan’s Nikkei 225 closed 1.6% higher at 27,490.13, hitting its highest level since August 1990 at one point during the session.