Risk-on-mood lifts bursa to end 0.45% firmer

BURSA Malaysia ended on a positive note today, as increased clarity in the political landscape rekindled risk-on mood.

At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) finished 6.77 points, or 0.45%, firmer at 1,525.20 compared to Monday’s close of 1,518.43.

The market barometer opened 4.25 points easier at 1,514.18, and moved between 1,512.46 and 1,527.04 throughout the day.

Market breadth across the board turned positive with gainers overtaking losers 478 to 460, while 468 counters were unchanged, 719 untraded and 19 others suspended.

Total volume slipped to 5.96 billion units worth RM3.88 bil from 5.97 billion units worth RM3.82 bil on Monday.

A dealer said blue-chip counters in particular had regained traction since mid-afternoon trading, as investors saw political clarity with no major announcement being made by opposition leader Anwar Ibrahim today.

Meanwhile, Rakuten Trade Sdn Bhd head of research Kenny Yee said today’s gains were also supported by bargain-hunting activities seen in selected index-linked counters.

“Other than that, we believe the Conditional Movement Control Order (CMCO) in Selangor, Kuala Lumpur, Putrajaya and Sabah would have minimal impact on the stock market.

“Unlike the MCO which was implemented in March, most businesses can still run as usual this time around,” he told Bernama.

The CMCO in Selangor, Kuala Lumpur and Putrajaya will be effective from midnight today to Oct 27, while in Sabah, it is running from today until Oct 26.

Asked if Chinese Foreign Minister Wang Yi’s two-day visit from today boosted demand for pharmaceutical counters, Yee said it was too soon to reflect in the market as no concrete deal had been signed.

Foreign Minister Hishammuddin Hussein said today that China had agreed to list Malaysia as a priority recipient of the China-produced Covid-19 vaccine once it was successfully developed.

Among the 30 FBM KLCI counters, more than half were in green, led by Petronas Chemicals which rose 15 sen to RM6.14. Top Glove bagged 12 sen to RM9.09, Maxis added nine sen to RM5.12, IHH was seven sen firmer at RM5.06 and Public Bank advanced 14 sen to RM15.96.

The most active counters included Advance Synergy and Kanger International which gained 1.5 sen each to 22 sen and 20 sen, respectively. V Solar shed half-a-sen to 3.5 sen while AT Systematisation and AirAsia X were flat at seven sen and four sen, respectively.

Top gainers included Nestle, which surged RM1.08 to RM33.38, while Rubberex improved 92 sen to RM7.40, Nestle soared 90 sen to RM140.00, Comfort was 53 sen higher at RM4.39 and Careplus added 30 sen to RM3.72. – Oct 13, 2020, Bernama

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