Financial stocks start KLCI higher

  • Markets
  • Wednesday, 30 Sep 2020

KUALA LUMPUR: The FBM KLCI bounced higher on Wednesday on the back of profit-taking in the previous session despite Wall Street's soft performance overnight.

Asian markets are expected to follow Us markets into the red ahead of the first US presidential debate, which would see incumbent Donald Trump and Demcractic candidate Joe Biden face off over policy issues.

At 9.03am, the Malaysian key index was up 1.08 points to 1,504.98 as financial counters extended their gains over the previous session.

Maybank rose five sen to RM7.21, Public Bank added six sen to RM15.64, Hong Leong Bank gained six sen to Rm15.06, CIMB climbed three sen to RM3.12 and RHB was up eight sen to RM4.61.

Glove counters, which dragged on the market yesterday, remained on a decline. Top Glove lost eight sen to RM8.39 and Hartalega slipped 28 sen to RM16.72.

"We continue to think that significant upsides will be difficult to come by as the tepid economic recovery remains beset by the unabated new cases of Covid-19.

"In the meantime, the lower liners are also in choppy mode as valuations have turned less appealing at the current juncture," said Malacca Securities Research.

Top actives on Bursa Malaysia were Exgram down 0.5 sen to four sen, Inix up 0.5 sen to 34 sen and Lambo unchanged at three sen.

Meanwhile, global equities were seen dampened by anxieties over the Trump-Biden debate. Observers say depending on who wins the Presidential bid, there could be significant impact on the US corporate tax structure.

Japan's Nikkei was down 0.3% while Australia's ASX200 slumped over 1%.
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Bursa Malaysia , FBM KLCI , equities


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