KLCI rises 0.51% as regional markets buoyed by US fiscal package talks

KLCI rises 0.51% as regional markets buoyed by US fiscal package talks
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KUALA LUMPUR (Oct 19): The main index of Bursa Malaysia rose 0.51% in the mid-morning today, tracking gains in regional markets buoyed by US fiscal package talks.

At 10.10am, the FBM KLCI had risen 7.66 points to 1,511.50.

Gainers led losers by 504 to 311, while 396 counters traded unchanged. Trading volume was 2.93 billion shares valued at RM1.33 billion.

The top gainers included Dutch Lady Milk Industries Bhd, Scientex Bhd, Nestle (Malaysia) Bhd, Rubberex Corp (M) Bhd, Supermax Corp Bhd, PPB Group Bhd, Top Glove Corp Bhd and Mah Sing Group Bhd.

The actively traded stocks included Vsolar Group Bhd, Luster Industries Bhd, Mah Sing, AT Systematization Bhd, Lambo Group Bhd and Bintai Kinden Corp Bhd.

The decliners included Yinson Holdings Bhd, Petronas Dagangan Bhd, Ajinomoto (Malaysia) Bhd, Public Bank Bhd and Sarawak Oil Palms Bhd.

Reuters said Asian markets started higher today, buoyed by hopes of a US fiscal package before the US presidential election next month and expectations of a coronavirus vaccine by year end, though the mood was still cautious as infections jumped.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.26% for its second straight day of gains.

Kenanga Research said the key KLCI was caught in a tight trading range for most part of last week before closing at its intra-week low of 1,504 on Friday.

It said this represented a weekly drop of 26.5 points or 1.7%.

“As the tussle between bulls and bears drags on, the KLCI will likely continue to range-bound for the time being.

“Still, the benchmark index could be facing a downward bias risk given the dearth of fresh market catalysts ahead,” it said.