Bursa ekes out slight gains, China data to boost sentiment


  • Markets
  • Monday, 30 Nov 2020

Underpinning the market confidence is news that Malaysia’s largest export destination, China, reported that its factory activity expanded at the fastest pace in more than three years in November.

KUALA LUMPUR: Bursa Malaysia eked out slight gains on Monday, the final trading day for November, amid the flurry of the July-September quarterly results which were mostly better sequentially.

At 9.47am, the FBM KLCI was up 0.76 of a point or 0.05% to 1,608.35. Turnover was 2.01 billion shares valued at RM949.39mil. There were 544 gainers, 339 losers and 396 counters unchanged.

Underpinning the market confidence is news that Malaysia’s largest export destination, China, reported that its factory activity expanded at the fastest pace in more than three years in November, keeping it on track to be the first major economy to fully recover from the Covid-19 crisis.

The official manufacturing Purchasing Manager's Index (PMI) rose to 52.1 in November from 51.4 in October, data from the National Bureau of Statistics showed on Monday. It was the highest PMI reading since September 2017 and remained above the 50-point mark that separates growth from contraction on a monthly basis.

At Bursa, MPI was the top gainer, up 56 sen to RM26.16 while KESM added 40 sen to RM11.52 and Vitrox 26 sen to RM15.16 but Greatec shed 10 sen to RM8.91.

Hong Leong Bank’s stronger earnings saw its share price climb 54 sen to RM17.56 but CIMB shed 14 sen to RM3.69.

Carlsberg added 42 sen to RM20.04 and Nestle 30 sen to RM138.80.

As for plantations, United Plantation added 24 sen to RM14.60 and Chin Teck Plantations 20 sen to RM7.

Petronas Gas added 26 sen to RM16.98 and Hengyuan 23 sen to RM4.17 but Petronas Chemicals shed nine sen to RM6.77.

Reuters reported oil prices fell about 1% on Monday amid investor jitters ahead of an OPEC+ meeting to decide whether the producers' group will extend large output cuts to balance global markets.

January Brent crude futures, which will expire later on Monday, dropped 58 cents, or 1.2%, to $47.60 a barrel by 0008 GMT. The more actively traded February Brent contract was at $47.77 a barrel, down 48 cents.

US West Texas Intermediate crude futures for January fell 40 cents, or 0.9%, to $45.13 a barrel.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

   

Next In Business News

Central Global's unit bags RM183.29mil sub-contract from Pembinaan Urusmesra
ECA Integrated Solutions signs underwriting agreement with UOB Kay Hian for IPO
Ringgit ends lower against US$ on expectation aggressive US monetary policy will continue
China's yuan ends at weakest since global financial crisis, hits record low offshore
RHB Bank issues RM500mil subordinated notes under MCMTN programme
S P Setia kickstarts green partnership wtih TNB
Bursa Malaysia ends broadly lower amid global recession concerns
Sime Darby Motors to distribute BYD EVs in Malaysia
Uchi Tech disposes of Penang Island tract for RM19mil
K-One Tech unit gets nod from Health Ministry for silicone adhesive tapes

Others Also Read