KUALA LUMPUR (Sept 28): The FBM KLCI pared some of its gains at midday break as Malaysia’s August 2020 exports slipped 2.9% on-year to RM79.2 billion, while rubber glove counters were among the top gainers on Bursa Malaysia today, following the recent spike in new Covid-19 cases in the country.

Malaysia's exports slipped as external sales of petroleum products, liquefied natural gas, chemical-based goods and metal-based items decreased, the Statistics Department said today.

In geographical terms, Malaysia reported lower exports to Bangladesh, Thailand, India, Japan, and Indonesia although exports to China and the US increased, the department said in a statement today.

At 12.30pm, the FBM KLCI was up 0.77 points to 1,509.91.The index had earlier risen to a high of 1,519.05.

Gainers led losers by 327 to 288, while 686 counters traded unchanged. Trading volume was 3.05 billion shares valued at RM1.92 billion.

The gainers included Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, Supermax Corp Bhd, Malaysian Pacific Industries Bhd, Scientex Bhd, PPB Group Bhd, Teck Guan Perdana Bhd, UWC Bhd and Lotte Chemical Titan Holding Bhd.

The actively traded stocks included XOX Bhd, Vsolar Group Bhd, Metronic Global Bhd, Advance Synergy Bhd, JCY International Bhd, Kanger International Bhd, Sapura Energy Bhd and Priceworth International Bhd.

The decliners included Nestle (M) Bhd, Kuala Lumpur Kepong Bhd, Carlsberg Brewery Malaysia Bhd, Hong Leong Financial Group Bhd, MMAG Holdings Bhd, IJM Plantations Bhd, KLCC Property Holdings Bhd, Cycle & Carriage Bintang Bhd and KESM Industries Bhd.

Reuters said Chinese stocks drove Asian markets higher on Monday, though sentiment was still cautious ahead of a US Presidential debate and as a spike in new coronavirus cases undermined global economic recovery hopes.

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.5% to 550.47, but still within striking distance of a two-month low of 543.66 hit last week, it said.

Hong Leong IB Research said this week, the KLCI is expected to remain range bound pending further fresh catalysts but potential 3Q20 window dressing and active buying interests on the glove counters due to continued hike in Covid-19 cases could lift KLCI to re-challenge the downtrend line near 1,530 levels.

The research house said said overall, it continues to err on the side of caution amid persistent speculation of GE15 after the PM’s Gabungan Rakyat Sabah has won at the Sabah state elections with a simple majority last Saturday and awaiting the appointment of new Sabah chief minister by the Yang-Dipertua Negeri Sabah, further liquidity squeeze on stock market amid the expiry of the six-month grace period for loan repayments by end-September, concern over the government’s major source of income following Petronas' sluggish 1HFY20 results, the Anwar factor after he claimed to have "formidable and convincing" support to form a new government on Sept 23, and rising new Covid-19 cases and clusters in Malaysia.

“Major supports are pegged at 1,500-1,490-1,470 whilst key resistances are situated at 1,513-1,521-1,530 zones,” it said.