KLCI jumps 2.5%, crosses 1,600 level again

KLCI jumps 2.5%, crosses 1,600 level again
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KUALA LUMPUR (Dec 1): The main index at Bursa Malaysia recouped most of its loss suffered on the final day of November, as it rose some 2.5% at midday break today and crossed the 1,600-point level.

At 12.30pm, the FBM KLCI jumped 40.76 points to 1,603.47.

Gainers led losers by 471 to 253, while 797 counters traded unchanged. Trading volume was 5.17 billion shares valued at RM2.64 billion.

The top gainers included Nestle (M) Bhd, Hong Leong Bank Bhd, Tenaga Nasional Bhd, Petronas Chemicals Group Bhd, Public Bank Bhd, Malayan Banking Bhd and Genting Plantations Bhd.

The actively traded stocks included Pegasus Heights Bhd, AT Systematization Bhd, Metronic Global Bhd, Kanger International Bhd, Iris Corp Bhd and Hiap Teck Venture Bhd.

The decliners included Petronas Gas Bhd, Kossan Rubber Industries Bhd, PPB Group Bhd, DKSH Holdings (M) Bhd, Can-One Bhd, Duopharma Biotech Bhd and MMC Corp Bhd.

Reuters said Asian share markets opened slightly higher on Tuesday buoyed by the prospect of a Covid-19 vaccine, reversing the previous day's dips as investors took profits at the end of a record-breaking month.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.26% on Tuesday after closing the month 9% higher, the best November since 2001. Japan's Nikkei and Australia's S&P/ASX 200 were each 0.9% higher, while South Korea was up 1.4%, it said.

Hong Leong IB Research said that technically, the approval of the draft Budget 2021 is likely to boost the odds for KLCI to rewrite the year-to-date high of 1,618 today.

“A decisive breakout above this hurdle will lift the index higher towards more formidable 1,640-1,669 territory.

“Nevertheless, we expect volatility to persist (with key supports at 1,600-1,579-1,555) due to the CMCO 2.0 repercussion to the economy amid elevated Covid-19 cases and clusters,” it said.