KLCI gains 0.81% as index-linked glove makers rise on increasing Covid-19 cases

KLCI gains 0.81% as index-linked glove makers rise on increasing Covid-19 cases
-A +A

KUALA LUMPUR (Jan 20): The main index at Bursa Malaysia rose 0.81% at the midday break Wednesday as renewed buying interest in index-linked glove makers lifted the index after the whole of Malaysia, with the exception of Sarawak, was placed under the movement control order (MCO) from Jan 22 to Feb 4.

At 12.30pm, the FBM KLCI rose 12.98 points to 1,614.86.

Gainers led losers by 390 to 324, while 736 counters traded unchanged. Trading volume was 3.08 billion shares valued at RM2.09 billion.

The gainers included Public Bank Bhd, JF Technology Bhd, Unisem (M) Bhd, Mi Technovation Bhd, Malaysian Pacific Industries Bhd, Top Glove Corp Bhd, Hartalega Holdings Bhd and Supermax Corp Bhd.

The actively traded stocks included HPP Holdings Bhd, DGB Asia Bhd, Anzo Holdings Bhd, KTG Bhd, Sapura Energy Bhd and Yong Tai Bhd.

The decliners included Nestle (M) Bhd, Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd, Toyo Ventures Holdings Bhd, BIMB Holdings Bhd and Euro Holdings Bhd.

Reuters said Asian shares climbed to a record high on Wednesday as US Treasury Secretary nominee Janet Yellen advocated for a hefty fiscal relief package to help the world's largest economy ride out a pandemic-driven slump.

At her confirmation hearing on Tuesday, she said the benefits of a big stimulus package are greater than the expenses of a higher debt burden, it said.

Hong Leong IB Research said after violating the key supports of 20D/30D/50D SMAs, the KLCI is expected to extend its range-bound consolidation in the near term (supports 1,562-1,573; resistances: 1,618-1,636-1,650) as investors continue to weigh on the economic impact of the MCO 2.0 (as the whole of Peninsular Malaysia now under MCO) and the state of emergency declaration coupled with the upcoming Bank Negara Malaysia monetary policy meeting today.