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Market Daily Report: KLCI up 0.63% on bargain hunting for blue chips but glove stocks down


 

KUALA LUMPUR (Nov 16): The FBM KLCI ended 0.63% higher today on strong bargain hunting on blue chips as investors continued shifting to recovery play, stemming from the expected deployment of the COVID-19 vaccines.

Meanwhile, the local bourse was moved in tandem with an uptrend in regional bourse thanks to positive momentum following Asia-Pacific nations signing the Regional Comprehensive Economic Partnership (RCEP).

In Malaysia, Areca Capital Sdn Bhd CEO Danny Wong Teck Meng told theedgemarkets that investors have positioned themselves for post-pandemic recovery. Hence, the sentiment lifted stocks that were poised to benefit from economic recovery such as banks, gaming and aviation counters.

“After the gloves and tech counters enjoyed a good run for more than half a year amid the pandemic, investors are starting to anticipate that conventional business will be coming back with hope stemming from the news of vaccines and recovery of businesses.

“From the investors’ point of view, those stocks are cheap to buy now after being battered by the pandemic,” he said.

The FBM KLCI closed 0.63% or 9.97 points higher at 1,599.66, after moving between 1,587.06 and 1,602.23. The benchmark index opened 3.66 points higher at 1,593.35 compared with last Friday’s closing of 1,589.69.

There were 695 gainers versus 472 losers while 529 remained unchanged. The trading volume ballooned to  16.1 billion shares compared with 12.58 billion last Friday, while turnover rose to RM6.71 billion from RM4.6 billion.

Banking stocks, the proxy for economic growth, have garnered strong buying interest. Among KLCI-linked banking stocks, Hong Leong Bank Bhd, Public Bank Bhd, CIMB Group Holdings Bhd, Hong Leong Financial Group Bhd (HLFG), RHB Bank Bhd and Malayan Banking Bhd were the top gainers.

Hong Leong Bank jumped 72 sen or 4.41% to RM17.06, Public Bank surged 72 sen or 4.05% to RM18.48, CIMB Bank rose 33 sen or 9.59% to RM3.77, HLFG climbed 26 sen or 1.69% to RM15.66, Maybank rose 21 sen or 2.65% to RM8.14 and RHB was up 24 sen or 4.86% to RM5.18.

The gains lifted Bursa Malaysia's financial services index up 575.87 points or 4.24% at 14,143.88, the highest since March 6 when it recorded 14,336.56. The financial services index was the second highest among the bourse's indices.

The Bursa Malaysia Energy Index led the gain among the indices, rising 5.48% or 38.98 points to 749.83, a level not seen since Sept 22, when it recorded 762.59.

Meanwhile Genting Bhd and Genting Malaysia Bhd shares were cheered by Genting Singapore Ltd’s quarterly earnings recovery in the third quarter ended Sept, 2020. Genting soared 35 sen or 9.23% to close at RM4.14 while Genting Malaysia closed up 10 sen or 4.12% to RM2.53 — both counters were at a more than four-month high.

Malaysia Airports Holdings Bhd was also among top gainers today. The airport operator gained 40 sen or 7.72% to RM5.58.

Meanwhile, the spillover positive sentiment from broadmarket lifted AirAsia Group Bhd and AirAsia X Bhd share prices. AirAsia rose nine sen or 13.64% to a more than four-month high of 75 sen, while AAX soared 27.27% or 1.5 sen to seven sen.

AT Systematization Bhd topped the most actively traded list again. Its trading volume expanded to 2.06 billion shares compared with 1.95 billion last Friday. Its share price closed at 26 sen, up 0.5 sen or 1.96%, after it leapt to 30 sen in the morning.

This was followed by Metronic Global Bhd, MTouche Technology Bhd, Nexgram Holdings Bhd, Lambo Group Bhd, Vsolar Group Bhd, EA Holdings Bhd and Sapura Energy Bhd.

Index-linked glove counters Hartalega Holdings Bhd and Top Glove Corp Bhd both topped the losers list. Hartalega closed down 88 sen or 5.72% to RM14.50 while  Top Glove shed 58 sen or 7.46% to RM7.20.

Supermax Corp Bhd fell 78 sen or 8.88% to RM8, while Kossan Rubber Industries Bhd declined 40 sen or 6.01% to RM6.26.

Bursa Malaysia's healthcare index fell the most in percentage terms, down by 2.54% to 3,889.66.

The brewer companies Heineken (M) Bhd and Carlsberg Brewery Malaysia Bhd also among the top losers today, with Heineken down 62 sen or 2.77% to RM21.80 and Carlsberg down 40 sen or 1.72% to RM22.88.

Elsewhere in Asia, Tokyo's Nikkei 225 surged 2.05% while Seoul's Kospi jumped 1.97%. Hong Kong’s Hang Seng Index rose 0.86% while the Shanghai Stock Exchange Composite Index gained 1.11%.

CNBC reported that Asia markets bounced in Monday’s session after 15 economies in the region signed a deal that formed the world’s largest trade alliance.

The trade deal, signed on Sunday, aims to gradually reduce tariffs across many areas, according to Reuters. The Regional Comprehensive Economic Partnership is now the world’s largest trade bloc, a deal that excludes the US. It marks the first time that East Asian powers China, Japan and South Korea are in a single trade agreement, it added.

 

 

Source: The Edge

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