KLCI bounces back, Public Bank, Telekom advance

KUALA LUMPUR: Blue chips managed to recoup all of their previous day’s losses on Wednesday as investor sentiment was bolstered by strong key Asian markets, with Public Bank and Telekom Malaysia underpinning the FBM KLCI’s advance.

At 5pm, the KLCI was up 19.19 points or 1.22% to 1,597.58. Turnover was 8.91 billion shares valued at RM4.22bil. Advancers led decliners 653 to 496 with 483 counters unchanged.

In Asia, Japan's Nikkei earlier rose to a 29-year high. MSCI's index of Asia-Pacific shares outside Japan traded down 0.2% as Chinese shares were capped by worries about rising debt defaults.

Reuters reported global shares reached record highs after the Dow Jones Industrial Average broke 30,000, with investors relieved at the prospect of a smooth handover of power after the US presidential election and confident a Covid-19 vaccine would soon be ready.

Reports that President-elect Joe Biden Biden planned to nominate former Federal Reserve Chair Janet Yellen as Treasury Secretary, potentially easing the passage of a fiscal stimulus package to counter Covid-19 damage, also cheered markets.

At Bursa, Public Bank rose 54 sen to RM18.92, Hong Leong Bank 20 sen to RM17.04, CIMB 14 sen to RM3.78, Maybank nine sen to RM8.22 and RHB Bank seven sen to RM5.05 while HLFG added 60 sen to RM16.50.

Petronas Dagangan ended the day 30 sen higher at RM21.30, Petronas Gas two sen to RM17.14 and Petronas Chemicals one sen to RM6.81. Dialog shed one sen to RM3.69.

Smaller oil and gas counters and related companies rose in active trade with Sapura Energy up one sen to 12.5 sen with 391.46 million shares done, Bumi Armada two sen to 29 sen, KNM 1.5 sen to 21 sen and Hibiscus three sen to 62 sen.

MPI rose 62 sen to RM23.60 and it was the top performer among the semicon and tech-related stocks.

GETS jumped 68 sen to RM2.96 with 13.63 million shares as traders ignored Bursa Securities warning.

Other gainers were Nestle, up 50 sen to RM139.50 while Press Metal added 30 sen to RM6.40.

Telekom Malaysia’s strong 3Q results saw it climbing 24 sen to RM4.84. Maxis gained six sen to RM5.16, Axiata two sen to RM3.32 but Digi shed two sen to RM4.15.

Top Glove lost 15 sen to RM6.65 after thousands of workers at its factories in Klang were placed under quarantine for Covid-19.

However, competitors Hartalega rose 18 sen to RM14.36 and Supermax edged up one sen to RM8.08 while Kossan ended the day three sen higher at RM6.03.

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