KUALA LUMPUR (Nov 6): The main index of Bursa Malaysia has pared some of its gains as investors turned somewhat cautious as they awaited the final US election outcome and the tabling of Budget 2021 in Malaysia.

At 12.30pm, the FBM KLCI was up 5.94 points at 1,507.43. The index earlier rose to a high of 1,512.56.

Decliners overtook advancers by 368 to 295, while 750 counters traded unchanged. Trading volume was 4.25 billion shares valued at RM2.46 billion.

The gainers included Petronas Dagangan Bhd, ViTrox Corp Bhd, PPB Group Bhd, Malaysian Pacific Industries Bhd, Supermax Corp Bhd, Ajinomoto (M) Bhd, Hartalega Holdings Bhd and MR DIY Group (M) Bhd.

The actively traded stocks included AT Systematization Bhd, Iris Corp Bhd, NetX Holdings Bhd, Kanger International Bhd, Borneo Oil Bhd, JCY International Bhd, Lambo Group Bhd and Mah Sing Group Bhd.

The decliners included Carlsberg Brewery Malaysia Bhd, Greatech Technology Bhd, Petronas Chemicals Group Bhd, QL Resources Bhd, GHL Systems Bhd and Bursa Malaysia Bhd.

Reuters said a gauge of Asian shares rallied to a near three-year peak, while the US dollar stayed sluggish and US bond yields slipped today in anticipation that a divided US legislature would limit major policy changes and keep the status quo of economic policies.

Investors expect Democrat Joe Biden to beat US President Donald Trump and the Republicans to retain control of the Senate in the country, allowing them to block the Democrats' agenda, such as corporate tax hikes and massive borrowings for large spending, it said.

Hong Leong Investment Bank (HLIB) Research said the KLCI is likely to stay sideways with upside bias pending the final US election outcome and awaiting the tabling of Budget 2021, which is expected to be expansionary and people-centric, today.

“Key support [levels] are pegged at 1,490-1,474-1,452, while resistance is situated near the 1,508-1,521-1,534 levels,” it said.