Friday 29 Mar 2024
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KUALA LUMPUR (Sept 15): The FBM KLCI erased its loss and climbed before the midday break today, tracking its regional peers, as glove maker Hartalega Holdings Bhd led the gainers.

At 12.30pm, the KLCI was 6.45 points higher at 1,517.81. The index earlier slipped to a low of 1,503.19.

Gainers led losers by 426 to 289, while 681 counters traded unchanged. Trading volume was a brisk 5.85 billion shares valued at RM3.42 billion.

The top gainers included Hartalega Holdings Bhd, Malaysian Pacific Industries Bhd, Kuala Lumpur Kepong Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, TIME dotCom Bhd, MMAG Holdings Bhd and KESM Industries Bhd.

The actively traded stocks included Parkson Holdings Bhd, Hiap Teck Venture Bhd, Anzo Holdings Bhd, Zelan Bhd, Ekovest Bhd, PDZ Holdings Bhd and Kanger International Bhd.

The decliners included Supermax Corp Bhd, Rubberex Corp (M) Bhd, Comfort Gloves Bhd, Top Glove Corp Bhd, Petronas Gas Bhd, Batu Kawan Bhd, Tenaga Nasional Bhd (TNB), Adventa Bhd and LKL International Bhd.

Reuters said Asian equities extended gains today, while the US dollar slipped, with investor sentiment supported by Chinese data and optimism about Covid-19 vaccines.

Chinese blue chips added 0.4%, buoyed by data showing China's industrial output rise 5.6% in August from a year ago, expanding for a fifth straight month, it reported.

Hong Leong Investment Bank (HLIB) Research said that led by an overnight rebound on Wall Street and further vaccine optimism, coupled with an improving technical picture, the KLCI may inch higher today ahead of the Malaysia Day holiday tomorrow.

Nevertheless, the research house said further rally could be capped during the seasonally sluggish September outing (the KLCI tumbled an average 1.7% during the month in 2000 to 2019) amid elevated risks due to domestic political uncertainties ahead of the Sept 26 Sabah state election, the expiry of the six-month grace period for loan repayments by end-September, a review of Malaysia’s position in the World Government Bond Index by the end of the month, concerns over the government’s major source of income following Petroliam Nasional Bhd's (Petronas) sluggish results for the first half of financial year 2020 (1HFY20), worries about a Covid-19 resurgence in the fall and winter, lingering US-China tensions, a deadlock over additional pandemic aid in US Congress and the looming US presidential election on Nov 3.

“Key supports are pegged at 1,474-1,461-1,428, while resistances are situated near 1,521-1,542,” the research house added.

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