The main index at Bursa Malaysia rose 0.57% in early trade on Thursday in line with regional markets as renewed optimism over US fiscal spending lifted global investor sentiment. At 9.10am, the FBM KLCI rose 9.19 points to 1,610.73.d
KUALA LUMPUR (Jan 21): The main index at Bursa Malaysia reversed its earlier gains and slipped to below the 1,600-point level at the midday break today as investors digested the impact of the expanded movement control order (MCO) restrictions, against the backdrop of firm regional markets.
At 12.30pm, the FBM KLCI dipped 3.37 points to 1,598.17. The index had earlier risen to a high of 1,615.22.
Losers led gainers by 471 to 239, while 751 counters traded unchanged. Trading volume was 3.85 billion shares valued at RM2.19 billion.
The top losers included Euro Holdings Bhd, Cymao Holdings Bhd, KESM Industries Bhd, PPB Group Bhd, PM Technology Bhd, Petronas Chemicals Group Bhd, Time dotCom Bhd, Genetec Technology Bhd and GHL Systems Bhd.
At 9.05am, the FBM KLCI rose 3.17 points to 1,612.69.
The early gainers included Milux Corp Bhd, PMB Technology Bhd, Kobay Technology Bhd, Malaysian Pacific Industries Bhd, Far East Corp Bhd, Tasco Bhd, ViTrox Corp Bhd and Mesiniaga Bhd.
Bloomberg said Asian equities pushed higher on Tuesday and bond yields ticked up as investors awaited comments from Treasury Secretary nominee Janet Yellen on US stimulus and the dollar.
Rakuten Trade said Wall Street was closed yesterday but Biden’s inauguration on Wednesday may spur some buying interests going forward.
The research house said that already the Dow Jones Industrial Average futures is trending at positive levels.
At 9.05am, the FBM KLCI rose 5.42 points to 1,642.11.
The early gainers included Malaysian Pacific Industries Bhd, Public Bank, Kuala Lumpur Kepong Bhd, UWC Bhd, Asia File Corp Bhd, Hong Leong Bank Bhd, ViTrox Corp Bhd, Toyo Ventures Holdings Bhd and Carlsberg Brewery Malaysia Bhd.
Bloomberg said Treasury yields retained their recent declines amid optimism the American economy will continue to benefit from government support.
Asian shares opened with small losses, it said.
Rakuten Trade said Wall Street were mixed amid recent record run as traders remain sidelined.
It said the Dow Jones Industrial Average closed flat at 30,060 with the tech heavy Nasdaq closed 56 points higher at almost the 13,130 mark.
HLIB Research said the majority of the companies under its coverage including Frontken Corp Bhd, UWC Bhd, Inari Amertron Bhd and ViTrox Corp Bhd would likely deliver all-time high earnings in their upcoming quarterly results
PETALING JAYA: Technology-related counters, which have done tremendously well in 2020, are expected to continue their upward momentum, driven by sectors such as automotive, Internet of Things (IoT) and communications.
Last year, the Bursa Malaysia Technology Index gained 84%, outperforming the main index, the FBM KLCI, that saw a 2% increase.
Hong Leong Investment Bank (HLIB) Research said it expected the technology sector to experience “multi-year earnings growth” supported by “fundamental exponential demand”.