Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 27): The main index of Bursa Malaysia reversed its earlier loss and crossed the 1,500-point threshold in the mid-morning as index-linked glove makers rose, spurred by rising new cases of Covid-19.

At 10am, the FBM KLCI had risen 5.55 points to 1,500.16. The index earlier dipped to a low of 1,489.98.

Gainers led losers by 422 to 297, while 360 counters traded unchanged. Trading volume was 1.4 billion shares valued at RM909.72 million.

The top gainers included Malaysian Pacific Industries Bhd, KESM Industries Bhd, Hartalega Holdings Bhd, Scientex Bhd, Supermax Corp Bhd, ViTrox Corp Bhd, Hong Leong Financial Group, Unisem (M) Bhd and Top Glove Corp Bhd.

The actively traded stocks included newly-listed Econframe Bhd, Vortex Consolidated Bhd, Luster Industries Bhd, Mah Sing Group Bhd, Kanger International Bhd, Trive Property Group Bhd and Iris Corp Bhd.

The decliners included JF Technology Bhd, Carlsberg Brewery Malaysia Bhd, Nestle (Malaysia) Bhd, Tenaga Nasional Bhd (TNB), Dutch Lady Milk Industries Bhd, Mega First Corp Bhd and Kuala Lumpur Kepong Bhd (KLK).

Reuters said Asian markets looked set to continue a downward path today after soaring global coronavirus cases and shrinking hopes for a US stimulus deal took a toll on Wall Street and drove up the US dollar.

Australia's ASX 200 opened down about 0.6%, while Japan's Nikkei 225 futures were up 0.04%. The Nikkei 225 index closed down 0.09% yesterday. The futures contract was down 0.25% from that close, it reported.

Rakuten Trade said US markets fell sharply before rebounding from its lows amid surging new Covid-19 cases worldwide while ongoing discussions on stimulus plans resulted in dampened sentiment.

It said US futures were marginally higher today as they continued to rebound from the sell-off; nonetheless, regional markets are expected to see weaker sentiment, taking their cue from US markets yesterday.

“On to our local market, we may see some bargain hunting as the KLCI tries to find its way back to the 1,500 level with more clarity and stability in the government.

“Therefore, investors should take the opportunity to bargain-hunt for trading opportunities and the focus would still largely be on healthcare related stocks as the CMCO (conditional movement control order) is extended by another two weeks until Nov 9, hence glove, mask and PPE (personal protective equipment) related stocks, technology and small- to mid-cap stocks would be the centre of attention,” it said.

 

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