KLCI rises 0.48% on select blue chip gains; regional markets on the defensive

KLCI rises 0.48% on select blue chip gains; regional markets on the defensive
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KUALA LUMPUR (Sept 28): The main index of Bursa Malaysia rose 0.48% in the mid-morning today, lifted by gains in select index-linked blue chips against a backdrop of defensive regional markets.

At 10am, the FBM KLCI had added 7.36 points to 1,516.50.

Gainers led losers by 529 to 214, while 319 counters traded unchanged. Trading volume was 1.6 billion shares valued at RM916.15 million.

The top gainers included Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, United Plantations Bhd, Scientex Bhd, Aeon Credit Service (M) Bhd, Petronas Dagangan Bhd and UWC Bhd.

The actively traded stocks included XOX Bhd, Metronic Global Bhd, Advance Synergy Bhd, Sapura Energy Bhd, JCY International Bhd, Kanger International Bhd, DGB Asia Bhd and Pintaras Jaya Bhd.

The decliners included Carlsberg Brewery Malaysia Bhd, Kuala Lumpur Kepong Bhd, MMAG Holdings Bhd, Nestle (Malaysia) Bhd, KESM Industries Bhd and Cycle & Carriage Bintang Bhd.

Reuters said Asian shares were on the defensive, while oil prices edged lower today, as investors were cautious ahead of a US presidential debate and as coronavirus cases spiked again in a blow to global economic recovery hopes.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.04% to 547.79, not too far from a two-month low of 543.66 hit last week, it said.

JF Apex Securities Research said US markets rallied last Friday following a strong rebound in technology counters.

It said that earlier, European stocks ended lower as investors remained concerned about rising coronavirus cases affecting the economic recovery.

“On the local market, the KLCI gained 8.34 points to 1,509.14 points.

“Following the positive performance on Wall Street, the KLCI could extend its rebound with support at 1,475 points,” it said.