Petronas Dagangan, Petronas Gas shore up KLCI as banks slip

  • Markets
  • Monday, 23 Nov 2020

On the Budget 2021, Thursday will be a crucial day as MPs will vote on the passage of the proposals. There has been some concern about an impasse.

KUALA LUMPUR: Petronas Dagangan and Petronas Gas helped shore up the FBM KLCI at midday on Monday but banks slipped ahead of the voting on the Budget 2021 at Parliament this Thursday.

At 12.30pm, the FBM KLCI was up 1.29 points or 0.08% to 1,595.04. Turnover was 4.97 billion shares valued at RM2.16bil. There were 548 gainers, 500 losers and 462 counters unchanged.

On the external front, Reuters reported China stocks climbed, helped by strong gains in cyclical firms on domestic and global economic recovery hopes, fuelled by Covid-19 vaccine progress.

The CSI300 index was up 0.9% at 4,987.31 at the end of the morning session, while the Shanghai Composite Index had risen 0.9% to 3,406.79.

On the Budget 2021, Thursday will be a crucial day as MPs will vote on the passage of the proposals. There has been some concern about an impasse.

Dewan Rakyat Deputy Speaker Datuk Seri Azalina Othman Said pointed out recent events and the upcoming vote on the Budget has called into question confidence in the Prime Minister, particularly if the Budget is defeated.

She said that by convention the Prime Minister would have to resign from his post if the Budget is defeated as seen from other Commonwealth countries.

"Until the voting process on the Supply Bill (Budget 2021) takes place, a host of questions remains unanswered," she said.

Petronas Dagangan rose 56 sen to RM20.18, riding on the firmer crude oil price while Petronas Gas added six sen to RM16.62 but Petronas Chemicals fell five sen to RM6.75 after its recent results.

Maybank fell four sen to RM8.12, Hong Leong Bank six sen to RM16.84, Public Bank and CIMB Bank two sen each to RM18.28 and RM3.62 while Hong Leong Bank

As for glove makers, Supermax rose 26 sen to RM8.34, Hartalega 14 sen to RM16.56 and Top Glove 10 sen to RM7.39.

Among the semicon and tech stocks, MPI rose 22 sen to RM23.62 and UWC 16 sen to RM7.25.

Carlsberg and Dutch Lady added 20 sen each to RM22.20 and RM37.60 but F&N lost 12 sen to RM31.70.

Press Metal fell the most, down 20 sen to RM6.30, UMS and Kotra 15 sen each to RM1.70 and RM3.19 while GETS lost 14 sen to RM2.95.

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