FBM KLCI retains lead, region turns positive on Biden-Xi talks


  • Markets
  • Tuesday, 16 Nov 2021

KUALA LUMPUR: The FBM KLCI retained a slight lead at midday as investors picked up previously sold-down counters, but stayed cautious ahead of corporate earnings.

At midday, there were 1.8 billion shares traded valued at RM1.1bil while market breadth remained negative with 485 decliners compared to 336 gainers.

The FBM KLCI was up 3.3.9 points to 1,525.73.

The sentiment on the domestic market was in line with the generally positive tone in Asian markets as a meeting between US President Joe Biden and Chinese premier Xi Jinping raised hopes of improved relations between the two major economies.

Following softness in the previous session, plantation counters bounced higher, led by Sime Darby Plantation adding six sne to RM3.95 and IOI rising three sen to RM3.80.

Telcos were mostly positive with Maxis climbing eight sen to RM4.53 and Digi adding seven sen to RM4.22 although Axiata shed four sen to RM3.93.

Banks were little changed with Maybank flat at RM8.10 Public Bank up one sen to RM4.02, CIMB gaining one sen to RM5.02 and Hong Leong Bank rising four sen to RM18.18.

On the actives list, ARBB was up three sen to 19.5 sen, PDZ gained 0.5 sen to nine sen and KNM was unchanged at 18.5 sen.

Some notable gainers were MyTech, formerly known as Widetech, surging 95 sen to RM6.80, Yinson climbing 34 sen to RM6.09 and MAHB rising 11 sen to RM6.58.

In regional markets, Japan's Nikkei was up 0.1% and China's composite index gained 0.3%.

Hong Kong's Hang Seng however surged 1.1% as listed mainland property developers jumped on improved sentiment over the property market.

Bucking the trend, South Korea's Kospi was down 0.1% while Australia's ASX200 slipped 0.8%.
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Bursa Malaysia , FBM KLCI , equities

   

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