KLCI rises 0.85% as Hartalega, banks lift

KLCI rises 0.85% as Hartalega, banks lift
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KUALA LUMPUR (Dec 3): The main index of Bursa Malaysia rose 0.85% in the mid-morning today, as Hartalega Holdings Bhd and index-linked banking stocks advanced, against a backdrop of muted regional markets.

At 10am, the FBM KLCI had jumped 13.68 points to 1,612.40.

Gainers led losers by 615 to 317, while 396 counters traded unchanged. Trading volume was 2.64 billion shares valued at RM1.99 billion.

The top gainers included British American Tobacco (Malaysia) Bhd, Carlsberg Brewery Malaysia Bhd, Hartalega, Public Bank Bhd, Hong Leong Bank Bhd (HLB), Hong Leong Financial Group Bhd and Hengyuan Refining Company Bhd.

The actively traded stocks included Yong Tai Bhd. Fintec Global Bhd. Bintai Kinden Corp Bhd and Hiap Teck Venture Bhd.

The decliners included Genting Plantations Bhd, Petronas Gas Bhd, Fraser & Neave Holdings Bhd (F&N), Batu Kawan Bhd and Hong Leong Industries Bhd.

Bloomberg said global stocks paused at all-time highs, amid a muted start to equity trading in Asia, as investors assessed renewed optimism about US stimulus talks and vaccine approval.

Treasury yields ticked down and the US dollar remained near a low in more than two years, it said.

Inter-Pacific Research Sdn Bhd said the market’s indifference seemed to have prevailed again as there appeared to be few impetus to lift the key index significantly beyond the 1,600 level, a level where base building looked to be in progress.

The research house in its daily bulletin today said this followed the KLCI’s swift rebound from its steep pushback a few sessions ago, and further gains appeared difficult to come by due to the already toppish valuations, which had largely priced in the potential earnings recovery in 2021.

“Hence, we think that the key index may look to linger around the 1,600-point level for now after it gained some 10% in November, seen as more than decent, to reflect impending availability of Covid-19 vaccines.

“Within its range-bound trend, the KLCI’s support levels are at 1,590-1,596, while the resistance levels are at 1,610-1,620,” it said.