KLCI edges up as index-linked glove makers lift, regional markets wobble

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KUALA LUMPUR (Oct 28): The main index at Bursa Malaysia edged up in early trade Wednesday, lifted mainly by index-linked glove makers, against the backdrop of weaker regional markets.

At 9.05am, the FBM KLCI was up 1.78 points to 1,502.13.

The early gainers included Malaysian Pacific Industries Bhd, Hartalega Holdings Bhd, Petronas Gas Bhd, Kuala Lumpur Kepong Bhd, Lotte Chemical Titan Holding Bhd, Scientex Bhd, Kossan Rubber Industries Bhd, LBI Capital Bhd and Top Glove Corp Bhd.

Reuters said Asian markets looked set for another weaker open on Wednesday as worries about a surge in coronavirus cases and dwindling hopes for a US stimulus package kept investors gloomy.

Australia's ASX 200 opened down about 0.43%, while Japan's Nikkei 225 futures were down 0.36%. The Nikkei 225 index closed down 0.04% on Tuesday. The futures contract was down 0.62% from that close, it said.

Rakuten Trade in its daily market report said Wall Street continued to slide in the wake of the increasing Covid-19 cases in the US.

It said that as such, the Dow Jones Industrial Average lost another 222 points to trend below the 27,500 level to almost a one-month low.

“Therefore, we reckon regional markets to remain weak today.

“On the local front, the FBM KLCI is expected to be under pressure as well but is expected to stay above the 1,500 mark.

“Judging from the unrelenting surge in pandemic cases, we believe investors will continue sticking to health related stocks especially the glove related ones whilst those indirectly involve should benefit as well, namely Supercomnet Technologies Bhd, D'nonce Technology Bhd and Ho Wah Genting Bhd,” it said.