KLCI hovers at 1,500 in quiet trading


KUALA LUMPUR: The FBM KLCI ended on the 1,500 psychological support at midday after attempting to build on the positive momentum in the previous session.

At 12.30pm, the key index was up 1.49 points to 1,500.29, as bargain hunters bought up bargain stocks for a second day. Trading interest however was en route to a week's low with only 2.83 billion shares traded valued at RM1.76bil

According to Malacca Securities Researhc, the local bourse may attempt to find stability with nibbling on beaten down stocks.

"Although the prevailing negative market sentiment is deterring investors to take large positions, the lower liners may continue to see rotational play, boosted by higher than historical average trading activities," it said.

Glove counters kept the index gains to minimal as profit-taking chipped away at the their recent advance on news of a China's Covid-19 vaccine being rolled out for public use.

Both glove heavyweights on the FBM KLCI are en route to losses for the week. On Friday, Top Glove slid three sen to RM8.87 while Hartalega dropped a further eight sen to RM17.72.

Lending weight to the advance were the two leading financial counters, which finally rebounded after four days of declines. Maybank rose five sen to RM7.11 and Public Bank climbed 30 sen to RM15.86.

CIMB added three sen to RM3.06 and RHB was up four sen to RM4.31. Hong Leong Bank meanwhile lost two sen to RM14.98.

Technology counters were among the biggest winners of the morning.

ViTrox jumped 72 sen to RM14.66, hitting a historical high, on the back of its earnings result released yesterday. JF Technology was driven 53 sen higher to RM5.10 while MI Equipment gained 35 sen to RM4.77.

Top actively traded counters were Iris down one sen to 29.5 sen, GDSB up 15 sen to 20 sen and Daya rising 0.5 sen to 1.5 sen.

Meanwhile, Asian stocks rose following the final US Presidential debate between Donald Trump and Joe Biden, which observers say yielded few surprises.

Japan's Nikkei was up 0.3% while China's key index gained 0.1%. Hong Kong's Hang Seng climbed 0.6% while Australia's ASX200 dipped 0.1%.

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Bursa Malaysia , FBM KLCI , equities

   

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