Muted gains for KLCI as regional markets trade mixed in absence of fresh catalysts

Muted gains for KLCI as regional markets trade mixed in absence of fresh catalysts
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KUALA LUMPUR (Oct 16): The main index of Bursa Malaysia notched up muted gains in the mid-morning today as regional markets traded mixed in the absence of fresh catalysts.

At 10.05am, the FBM KLCI was up 3.47 points at 1,517.42.

Gainers led losers by 418 to 277, while 401 counters traded unchanged. Trading volume was 1.98 billion shares valued at RM1.25 billion.

The top gainers included Fraser & Neave Holdings Bhd (F&N), Panasonic Manufacturing Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Mah Sing Group Bhd, Bursa Malaysia Bhd and Supermax Corp Bhd.

The actively traded stocks included Mah Sing Group Bhd, mTouche Technology Bhd, Luster Industries Bhd, Kanger International Bhd and Dataprep Holdings Bhd.

The decliners included Petronas Dagangan Bhd, Kuala Lumpur Kepong Bhd (KLK), Negri Sembilan Oil Palms Bhd, Malaysian Pacific Industries Bhd, Public Bank Bhd, Mi Technovation Bhd, United Plantations Bhd and Petron Malaysia Refining & Marketing Bhd.

Bloomberg said Asian stocks and US futures were mixed today as investors mulled continued talks over US stimulus and the economic impact of fresh restrictions against the resurgent coronavirus in some parts of the world.

JF Apex Securities Research said US markets ended slightly lower on their third straight day of losses following uncertainties over the coronavirus stimulus package and rising cases of Covid-19 infection.

It said that earlier, European stocks plunged due to concerns over the US stimulus package and restrictions announced across Europe to curb the coronavirus from spreading.

“On the local market, the KLCI tumbled 9.30 points to 1,513.95 points.

“Following the negative performance on Wall Street, the KLCI could continue to trend lower with support at 1475 points,” it said.