Bursa turns from worst performer to the best

The firmer overnight close on Wall Street and expectations that Joe Biden could win the US presidential elections and in turn boost Asian markets helped enhance investors’ risk appetite.

KUALA LUMPUR: Bursa Malaysia closed higher on Thursday, underpinned by gains in Petronas-linked stocks and banks, enabling the FBM KLCI to be the top performer among key Asian markets after being the worst the previous day.

At 5pm, the KLCI had rebounded 29.87 points or 2.01% to close at 1,519.43. Turnover was 6.28 billion shares valued at RM3.23bil. The broader market was slightly cautious with declining stocks beating advancers 503 to 469 while 443 counters were unchanged.

The firmer overnight close on Wall Street and expectations that Joe Biden could win the US presidential elections and in turn boost Asian markets helped enhance investors’ risk appetite.

Among the key Asian markets, Japan’s Nikkei 225 closed 0.96% higher, South Korea’s Kospi gained 0.21% and Singapore’s STI 0.21%. However, Shanghai Composite Index fell 0.2% and Hong Kong’s Hang Seng Index also by 0.2%.

US light crude oil rose 56 cents to US$40.51 and Brent 65 cents higher at US$42.64.

Petronas Gas rebounded 84 sen to RM16.94, Petronas Dagangan added 56 sen to RM16 and Petronas Chemicals 30 sen to RM6.

Petronas Chemicals' gains pushed the index up 3.78 points and Petronas Gas 1.1 points.

Public Bank rebounded 42 sen to RM16, Hong Leong Bank 32 sen to RM15.20 and Maybank 20 sen to RM7.30 while CIMB rose eight sen to RM3.11. Maybank gave the KLCI a 3.54 point boost and Public Bank 2.57 points.

As for plantations, Sime Plantation rebounded 16 sen to RM5.05, IOI Corp 16 sen also to RM3.11, KL Kepong 24 sen to RM22.70 and PPB Group 38 sen to RM18.88.

Among the consumer stocks, Nestle rose RM3.30 to RM141.80 and F&N RM1.34 to RM33.34.

Hap Seng ended the day 29 sen higher at RM7.29, IHH Healthcare 11 sen to RM5 and MISC three sen to RM6.93. GentingM gained five sen to RM2.10 and Genting eight sen to RM3.23.

As for telcos, Digi advanced 13 sen to RM4.13, Axita two sen to RM2.90, Telekom 10 sen to RM4.13 and Maxis six sen to RM5.09.

IHH Healthcare 11 sen to RM5 and MISC three sen to RM6.93. GentingM ended five sen higher at RM2.10 and Genting eight sen to RM3.23.

As for plantations, Sime Plantation rebounded 16 sen to RM5.05, IOI Corp 16 sen also to RM3.11, KL Kepong 24 sen to RM22.70, PPB Group 38 sen to RM18.88.