KLCI tops 1,600 as Budget 2021 debates continue

  • Markets
  • Thursday, 26 Nov 2020

KUALA LUMPUR: The FBM KLCI topped the 1,600-point mark as it extended yesterday's rally on growing optimism over the discovery of the Covid-19 vaccines and as Parliament discussions over Budget 2021 continued.

At 12.30pm, the key index was up 4.26 points to 1,601.84 after rising out of the red in mid-morning.

Investor anticipation over the passing of the Budget 2021 bill rose as news portals reported that Parliament proceedings will be in session until all matters relating to the policy stage of the bill are settled.

In the meantime, the correction pressures on Bursa Malaysia appear to have subsided as talk of further US stimulus under Joe Biden's incoming administration propped up optimism.

"While the downward pressure appears to have abated, the consolidation on the local bourse may continue with the immediate resistance set at 1,610, followed by 1,640.

"Meanwhile, the supports are at 1,570, followed by 1,540," said Malacca Securities Research.

On the KLCI, glove makers helped to shore up points as Top Glove rebounded after sharp declines in recent day following reports of its workers undergoing quarantine. The stock rose 27 sen to RM6.92. Sector peer Hartalega added 12 sen to RM14.48.

On the broader market, Malaysian Pacific Industries jumped RM1.90 to RM25.50 following a positive earnings result. KESM climbed 68 sen to RM10.70 while Khind added 65 sen to RM2.84.

Most actively traded stocks were AT Systemization rising two sen to 19 sen, Vivocom losing 14 sen ot 71.5 sen and XDL unchanged at seven sen.

In Asian markets, results were mixed as profit-taking mingled with the bullish sentiment. Japan's Nikkei rose 0.5% while South Korea's Kospi gained 0.3%.

China's composite index slipped 0.1% while Hong Kong's Hang Seng was flat.

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Bursa Malaysia , FBM KLCI , equities


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