Friday 29 Mar 2024
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KUALA LUMPUR (Nov 3): The main index at Bursa Malaysia dipped at midday break today amid some volatile trading ahead of Bank Negara Malaysia’s (BNM) monetary policy statement later in the afternoon as well as the US Presidential Election in an event-heavy two weeks.

Investors are also bracing for the tabling of Budget 2021 on Nov 6 as well as the release of the third quarter 2020 GDP report by BNM on Nov 13, while rising coronavirus cases also kept investors on tenterhooks.

At 12.30pm, the FBM KLCI slipped 3 points to 1,463.46.

Gainers led losers by 454 to 235, while 626 counters traded unchanged. Trading volume was 3.97 billion shares valued at RM1.91 billion.

The top losers included Nestle (M) Bhd, Greatech Technology Bhd, Fraser & Neave Holdings Bhd, Nationwide Express Holdings Bhd, Kuala Lumpur Kepong Bhd, Sime Darby Bhd and Pos Malaysia Bhd.

The actively traded stocks included GD Express Carrier Bhd, XOX Bhd, Mah Sing Group Bhd, Vortex Consolidated Bhd, Luster Industries Bhd, Lambo Group Bhd and Iris Corp Bhd.

The gainers included Carlsberg Brewery Malaysia Bhd, Malaysian Pacific Industries Bhd, Petronas Dagangan Bhd, Lii Hen Industries Bhd, ViTrox Corp Bhd, Scientex Bhd, Bursa Malaysia Bhd and Genting Plantations Bhd.

Bloomberg said Asian stocks climbed in a volatile start to a crucial week spanning the US election and a Federal Reserve policy meeting, events that could set the tone for financial markets for the rest of the year.

Oil tumbled to a five-month low, it said.

Hong Leong IB Research said despite a welcome KLCI technical rebound to pare early losses to end flat yesterday, there is no change to its short-term consolidation view.

“We continue to expect further volatility this week ahead of the BNM meeting (Nov 3), US election and tabling of Budget 2021 (Nov 6) as well as the technically bearish Head & Shoulder (H&S) pattern.

“Key supports are 1,450-1,428-1,413 whilst resistances are situated at 1,474-1,491-1,504 levels,” it said.

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