KUALA LUMPUR (Oct 31): The FBM KLCI extended gains today, albeit marginally, despite renewed worries about the US presidential election that rattled Asian markets.
At closing bell, the key index rose 2.19 points or 0.13% to settle at 1,672.46 points, versus last Friday's close of 1,670.27 points. The overall market sentiment, however, remained bearish.
"We were expecting a weaker market performance (across Asia today), in line with the last minute sell down in the US market last Friday," said Etiqa Insurance & Takaful head of research Chris Eng.
However, he said most of the regional benchmark index managed to recoup part of their losses throughout the trading day.
"I believe there will be a mild profit taking ahead of the US presidential election; hence the market is set to be volatile until then," Eng said.
Across the board, some 1.45 billion shares worth RM1.89 billion were traded. Decliners continued to lead gainers at 521 versus 290, while 347 counters were unchanged.
The gainers were led by British American Tobacco (Malaysia) Bhd, while the decliners were led by KESM Industries Bhd. The most actively traded counter was Felda Global Ventures Holdings Bhd (FGV).
Quoting sources, The Edge Weekly had reported that a handful of high-ranking government officials are planning to propose the formation of a steering committee at FGV. However, FGV denied this in an announcement to the local bourse.
On the regional front, South Korea's Kospi Index fell 0.56%, followed by a 0.12% decline in the Shanghai Composite Index and Japan Nikkei 225. Hong Kong's Hang Seng fell marginally by 0.09%.
Reuters reported that most Asian stocks struggled higher on Monday but investors were rattled by news that the Federal Bureau of Investigation (FBI) is planning to review more private e-mails related to Democratic presidential candidate Hillary Clinton, just a week before the election.
MSCI's broadest index of Asia-Pacific shares outside Japan hit a six-week low on Monday before recovering 0.3%. It is set to end the month down 1.6%.