KUALA LUMPUR (Nov 3): The main index of Bursa Malaysia drifted lower in the mid-morning today, dragged by select blue chips, against a backdrop of firmer regional markets.  

At 10am, the FBM KLCI had dipped 0.59 points to 1,465.87. The index earlier rose to a high of 1,470.69.

Gainers led losers by 516 to 218, while 346 counters traded unchanged. Trading volume was 2.23 billion shares valued at RM928.44 million.

The top losers included Nestle (Malaysia) Bhd, Kuala Lumpur Kepong Bhd (KLK), Fraser & Neave Holdings Bhd (F&N), RHB Bank Bhd, Nationwide Express Holdings Bhd and Sime Darby Bhd.

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

The gainers included Malaysian Pacific Industries Bhd, Scientex Bhd, Supermax Corp Bhd, Rubberex Corp (M) Bhd, Careplus Group Bhd, Comfort Gloves Bhd and Bursa Malaysia Bhd.

Bloomberg said US futures and Asian stocks gained ahead of the US presidential election later today.

Crude oil rebounded, it said.

Inter-Pacific Research Sdn Bhd expects the market sideway trend to persist over the near term as there remains cautiousness over the upcoming Budget 2021 announcement that is widely seen as a referendum on the prime minister’s political position.

However, it said there should still be intermittent support for the heavyweights by local institutions as they look to arrest their recent pullback, and the attempts could allow the KLCI to remain above 1,450 points, which is now the key index’s psychological support level.

“In addition, the positive overnight performance among key global stock indices should help to lessen selling pressure on Malaysian equities over the near term.

“In the interim, there is support at the around the 1,460 level, while near-term resistance remains at the 1,475-1,480 levels, followed by 1,490 points,” it said.