FBM KLCI recovers to end above 1,600 level

 Publish date: Thu, 7 Jan 2021, 7:30 PM

KUALA LUMPUR: Bursa Malaysia recouped earlier losses to close higher today, with its key index breaching above the 1,600-point level as investors risk appetite improved, dealers said.
Thanks to buying support that emerged during the afternoon session, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended 10.98 points higher at an intraday high of 1,602.95, after slipping to a low of 1,572.62 at one point.
On the broader market, losers thumped gainers 889 to 360, while 624 counters were unchanged, 210 untraded and 14 others suspended.
Total volume decreased to 6.54 billion units worth RM5.03 billion from 7.73 billion units worth RM4.41 billion on Wednesday.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said sentiment in the market was affected by the possibility of "circuit breaker" measures or lockdown following the rise in COVID-19 infections.
However, gains from rubber glove and oil and gas counters helped to cushion the slide, he said.
"Rubber glove counters, namely Top Glove, Hartalega and Supermax which constituents of the FBM KLCI index, all ended in the green zone as increasing infections will spark higher demand for rubber gloves.
"Aside from that, a fall in the United States (crude) stockpiles added further support following the unilateral decision by Saudi Arabia, the world's biggest oil exporter, to cut more output over the next two months.
"This gave a boost to oil and gas stocks such as Dialog Group and Petronas Dagangan," he told Bernama.
Adam said the overall sentiment could have also been influenced by US President Donald Trump's supporters protesting at the US Capitol on Wednesday, sending it into lockdown, as Vice President Mike Pence refused a demand from the president to cancel his loss to President-elect Joe Biden.
On the local bourse, heavyweights, Maybank and Top Glove improved four sen each to RM8.28 and RM5.80 respectively, Public Bank bagged six sen to RM20.40, Tenaga gained 10 sen to RM10.52, and IHH Healthcare rose 15 sen to RM5.70.
Petronas Chemicals, however, shed five sen to RM7.05.
Of the actives, AT Systematization and Dynaciate inched up half-a-sen each to 18 sen and 13 sen respectively, Iris put on one sen to 38 sen, while Yong Tai slipped half-a-sen to 29.5 sen.
On the index board, the FBM Emas Index recovered 31.97 points to 11,511.47, the FBMT 100 Index increased 37.44 points to 11,261.24 and the FBM Emas Shariah Index climbed 79.46 points to 12,927.88.
In contrast, the FBM 70 declined 107.0 points to 14,556.43, and the FBM ACE erased 24.31 points to 10,540.97.
Sector-wise, the Financial Services Index eased 2.38 points to 14,967.99, the Industrial Products and Services Index slid 0.76 of-a-point to 171.81, but the Plantation Index rose 50.68 points to 7,397.85.
 - Bernama
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