KLCI pares gains, still on course for monthly gain in November

KLCI pares gains, still on course for monthly gain in November
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KUALA LUMPUR (Nov 30): The main index at Bursa Malaysia pared some of its gains at midday break today in line with regional markets, but was still on course for a monthly gain in November.

At 12.30pm, the FBM KLCI was up 0.48 points to 1,608.07. The index had earlier risen to a high of 1,614.77.

Gainers led losers by 501 to 249, while 808 counters traded unchanged. Trading volume was 4.78 billion shares valued at RM2.51 billion.

The gainers included Hong Leong Bank Bhd, KESM Industries Bhd, Fraser & Neave Holdings Bhd, JF Technology Bhd, Hengyuan Refining Company Bhd, Petronas Gas Bhd, United Plantations Bhd and Hong Leong Industries Bhd.

The actively traded stocks included AT Systematization Bhd, Sapura Energy Bhd, Kanger International Bhd, Vivocom International Holdings Bhd, Bintai Kinden Corp Bhd, KNM Group Bhd and TDM Bhd.

The decliners included Nestle (M) Bhd, Duopharma Biotech Bhd, Gas Malaysia Bhd, Apex Healthcare Bhd and Axis REIT.

Bloomberg said stocks in Asia swung from gains to losses along with US and European equity futures as investors monitored progress on the path to a coronavirus vaccine on the final day of a record month for global equities.

Oil retreated, it said.

Hong Leong IB Research said that to recap, the approval of Budget 2021 at policy level last Thursday may encourage KLCI to re-challenge the year-to-date high of 1,618.7 this week, before proceeding towards formidable resistances at 1,640-1,654 zones on profit-taking pause.

“Nevertheless, market volatility to persist (with key supports at 1,598-1,579-1,555) due to the concerns of CMCO 2.0 impact [on] our economy amid elevated Covid-19 cases and clusters, as well as Budget 2021, [which] will be debated and voted again on Dec 17 after the committee level,” it said.