KLCI notches modest gains; Mah Sing active on glove manufacturing plan

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KUALA LUMPUR (Oct 16): The main index at Bursa Malaysia rose in early trade Friday against the backdrop of mixed regional markets, while Mah Sing Group Bhd advanced in active trade on its diversification into glove manufacturing.

At 9.05am, the benchmark FBM KLCI gained 3.15 points to 1,517.10.

The early gainers included Fraser & Neave Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, Bursa Malaysia Bhd, Can-One Bhd, Supermax Corp Bhd, Dialog Group Bhd, QL Resources Bhd and Comfort Gloves Bhd.

Meanwhile, Mah Sing rose 5 sen to 77.5 sen with 25.04 million shares traded.

Bloomberg said Asian stocks and U.S. futures were mixed Friday as investors mulled continued talks over U.S. stimulus and the economic impact of fresh restrictions against the resurgent coronavirus in some parts of the world.

Rakuten Trade in its daily market report said Wall Street continued to decline as hopes for a stimulus package fades coupled with the higher US unemployment rate amid the spike in Covid-19 cases.

It said though the Dow Jones Industrial Average closed flat at just below the 28,500 mark or 20 points lower, it actually rebounded from an intra-day low of a 300 points deficit.

“Therefore, we reckon regional markets to remain mixed today from the lack of catalyst.

“On the domestic front, the FBM KLCI that experienced some late selling yesterday may further experience some downtrend with the 1,510 being the immediate support thereafter the 1,500 level would be the next psychological support level.

“Meanwhile, amid the recent CMCO, we detected an increase in retail participation on the local bourse,” it said.