KLCI Takes Pause As Investors Digest Recent Gains

The FBM KLCI ended unchanged from the previous session close after an early-morning rally as investors took some profit while awaiting new trading leads.

The key index was up 0.48 points at midday to 1,608.07 after having risen over seven points earlier in the day.

We maintain our positive tone on the local bourse as investors will continue to pin their expectations over the economic recovery following the recent batch of corporate earnings that appears to have bottomed out," said Malacca Securities Research.

The top losers included Malaysia Airports Holdings Bhd, Petronas Dagangan Bhd, Hap Seng Consolidated Bhd, Carlsberg Brewery Malaysia Bhd, Tenaga Nasional Bhd, Can-One Bhd, Petronas Chemicals Group Bhd, Malayan Banking Bhd, and Public Bank Bhd.

Japanese and Australian shares dipped when trading began, while those in South Korea were slightly higher. Contracts on the S&P 500 were little changed after the index snapped a four-day winning streak Thursday. Ten-year Treasury yields held near the highest level since March. The euro earlier surged after the European Central Bank announced a bigger-than-expected boost to its emergency bond-buying program, it said.

Public Bank, whose earnings were announced after the end of trading on Friday, pulled back 52 sen to RM18.08 as the worst-performing heavyweight on the FBM KLCI.

CIMB, which also reported underwhelming results, lost 10 sen to RM3.73.

Meanwhile, Hong Leong Bank jumped 92 sen to RM17.94 and Maybank was up one sen to RM8.30.

JF Apex Securities Research said US markets ended flat with the Dow closing slightly higher while the Nasdaq and S&P declined after jobless claims were worse than expected.

It said that earlier, European stocks closed lower after the European Central Bank announced a larger-than-expected stimulus program.

Meanwhile, regional markets digested their recent gains as investors awaited more clarity on the roll-out of the Covid-19 vaccines.

Japan's Nikkei dropped 0.6% while China's composite index rose 1.1% and Hong Kong's Hang Seng slid 0.5%.

In Australia, the ASX200 was down 0.8%.

On the local market, the FBM KLCI rose 23.31 points to 1561.84 points.

Following the negative performances in the US and Europe, the FBM KLCI could pull back from recent gains with support at 1550 points,” it said.

KLCI Stays Afloat Of 1,600, Bank Earnings In Focus

Investors took some cash off the table after yesterday's rally following Parliament's passing of the policy stage of Budget 2021.

At 12.30pm, the FBM KLCI was down 4.14 points to 1,607.97.

However, analysts believe that bullish sentiment has entered the market and is set to continue.

Gainers and losers almost equal 357 to 392, while 876 counters were unchanged, 523 untraded, and 33 others suspended.

Total volume stood at 1.81 billion worth RM892.87 million.

Malacca Securities Sdn Bhd said a consolidation might take charge today, owing to the recent strong strides, with gains likely to be capped towards the immediate resistances at between 1,530 and 1,540.

We expect the 1,500 level to remain well supported at the current juncture, followed by 1,470,” the research firm said in a note today. The research house expects further upsides to coming by towards the immediate resistance of 1,640 and 1,670. It pegged the supports of 1,600 and 1,570.

Among some of the decliners include Maybank, whose earnings performance is due during the lunch break. The bank lost four sen to RM8.15.

Other banks due to announce their earnings results include Public Bank, shedding six sen to RM18.66, and Hong Leong Bank, losing eight sen to RM17.

Banking sectors were on the rise, steered by Public Bank, Maybank, CIMB, Hong Leong Bank, and RHB Bank as the blanket moratorium announced in Budget 2021, which bodes well for banks’ earnings.

However, rubber glove manufacturers, Hartalega and Top Glove were the biggest losers among the index-linked counters, dragging the composited index down with a substantial 22.77 points to the KLCI.

Among other heavyweights, Maybank perked 16 sen to RM7.28, Public Bank rose 72 sen to RM16.02 and Tenaga Nasional Bhd (TNB) bagged eight sen to RM10.34, while Petronas Chemicals shed one sen to RM6.36.

Of the actives, AirAsia X gained three sen to seven sen, Kanger added two sen to 21 sen, while both AT Systematization and Technodex slid 2.5 sen each to 19 sen and 2.1 sen respectively.

However, the FBM Emas Shariah Index fell 177.09 points to 13,155.82, the FBM 70 eased 40.36 points to 14,448.68 and the FBM ACE gave up 208.14 points for 11,167.03.

Sector-wise, the Financial Services Index surged 300.88 points to 12,568.15, the Plantation Index improved 11.94 points to 7,160.67, but the Industrial Products and Services Index slipped 0.33 of a point to 150.92.

KLCI Tops 1,600 As Budget 2021 Debates Continues

The FBM KLCI topped the 1,600-point mark as it extended yesterday's rally on growing optimism over the discovery of the Covid-19 vaccines and as Parliament discussions over Budget 2021 continued.

At 12.30pm, the key index was up 4.26 points to 1,601.84 after rising out of the red in mid-morning.

Gainers and losers were necks to the neck at 322 and 388 while 409 counters were unchanged, 1,257 untraded, and 24 others suspended.

Total volume stood at 1.62 billion worth RM785.67 million. Malacca Securities, in a research note today, said the FBM KLCI was traded in a lackluster manner as the key index re-tested the 1,600 psychological level.

“As there was the absence of a follow-through buying beyond the aforementioned level, we reckon that the local bourse will be poised for further consolidation,” it said.

It added that at the same time, the uncertainty surrounding the vote on Budget 2021 is also keeping investors on their toes.

Investor anticipation over the passing of the Budget 2021 bill rose as news portals reported that Parliament proceedings will be in session until all matters relating to the policy stage of the bill are settled.

In the meantime, the correction pressures on Bursa Malaysia appear to have subsided as talk of further US stimulus under Joe Biden's incoming administration propped up optimism. Meanwhile, the energy sector became the best performing sector at the opening as benchmark Brent crude rose to an eight-month high on global optimism.

Bloomberg reported that global oil prices hit the highest level since March as hopes for a vaccine rollout within weeks brightened the outlook for fuel consumption.

Brent crude futures rose 2.5 percent in London, following a broader market rally after AstraZeneca Plc became the latest company to report a vaccine that protects most people.

The prospect of treatment is starting to reshape the oil futures curve, with some near-term prices rebounding more than later-dated ones, a bullish structure known as backwardation that signals investors expecting supply and demand to return to balance.

Among the actives, Pegasus Heights was flat at 30 sen, Vivocom reduced 23 sen to 99 sen, and P.A resources dipped 1.5 sen to 13.5 sen.

On the index board, the FBM Emas Index was 21.80 points lower at 11,468.87, the FBMT 100 Index shed 22.80 points to 11,468.87, the FBM Emas Shariah Index reduced 58.14 points to 13,211.50, and the FBM 70 trimmed 15.42 points to 14,761.15.

Bursa Swings Higher On Vaccine News, Crude Oil Prices

 The FBM KLCI swung higher in morning trade, retracing nearly all the losses from the previous session as the market tracked the Dow Jones' record close.

Overnight, the Dow Jones Industrial Average topped 30,000 points for the first time as a third pharmaceutical company announced the successful trials of its Covid-19 vaccine. 

Oil prices touched their highest level since March on Tuesday, after a raft of positive vaccine news sparked a comeback in one of the sectors hardest hit by the pandemic.

Brent crude, the international benchmark, gained 3.8 percent to $47.80 a barrel, having earlier poked above $48, as traders bet that travel and other energy-intensive industries would pick up in 2021 if coronavirus can be brought under control. That put the marker up more than a quarter so far in November, on course for one of its largest monthly percentage gains in recent decades.

Financial heavyweights jumped on improved prospects for the economic recovery, led by Public Bank rising 46 sen to RM18.84. Maybank climbed eight sen to RM8.21, Hong Leong Bank added 26 sen to RM17.10 and CIMB put on 14 sen to RM3.78.

Analysts at PVM oil brokerage in London said that traders were increasingly treating the prospect of vaccines as a “game-changer” for the energy sector, though prices still remain well below the near $70 a barrel they traded at before the pandemic.

Amid the renewed volatility, the financial services sector appears to be more defensive as investors continue to bargain hunt," said Malacca Securities Research in its morning outlook.

The research house has pegged support levels at 1,570 and 1,540 and resistance levels at 1,600 and 1,610.

Meanwhile, oil and gas counters were among the top traded counters amid the increase in crude oil prices.

Brent crude extended its gains by 56 cents or over 1% to US$48.42 after jumping almost 4% in the previous session.

WTI crude was 49 cents higher at US$45.43 a barrel after adding more than 4% previously.

The fight against the coronavirus is intensifying and is proving to be increasingly successful by the week, said Tamas Varga at PVM. A rally was driven by FOMO — or fear of missing out — has now become a fundamentally justifiable price rise.

In Asian markets, equities were rallying on the latest vaccine news although China's key index was 0.2% lower. Japan's Nikkei rose 1% while Hong Kong's Hang Seng gained 0.85%.

Oil prices have also been buoyed by expectations that Opec and allies including Russia will extend the duration of their production cuts when they meet next week, to offset weak demand over the winter months.

Market Cap Gap Between Top Glove and Maybank Narrows To RM10b

Malayan Banking Bhd (Maybank)’s market capitalization (market cap) has shrunk to below RM80 billion, as the selldown on banking stocks continued, which has further reduced the gap between Malaysia's most valuable company on the local stock exchange with the next in line, Top Glove Corp Bhd.

Investors' concerns about whether the Budget 2021 would get majority approval in Parliament on Thursday and the closure of some of Top Glove's plants weighed on Bursa Malaysia at midday on Tuesday. At 12.30pm, the KLCI was down by 9.75 points or 0.61% to 1,587.73, with Top Glove accounting for more than half of the losses in the index. 

Maybank shares slipped 1.12% or eight sen to settle at RM7.09 per share yesterday, which gave it a market cap of RM79.7 billion, after 9.66 million shares were done. On a year to date (YTD) basis, the stock has declined by 13.7% (see table). Top Glove, on the other hand, climbed 6.61% or 53 sen to close at RM8.55, which valued it at RM69.52 billion, after 98.43 million shares were traded. YTD, the stock is up over 440%.

This has reduced the gap between the two companies to RM10.18 billion, down from a difference of RM15.39 billion seen on Wednesday. Just at the start of this year, the gap between the two was RM57.22 billion, when Top Glove had a market cap of RM38.03 billion and Maybank had a market cap of RM95.25 billion.

Turnover was 5.46 billion shares valued at RM2.41bil. The broader market was weaker with decliners beating advancers 3.5 to one, or 874 losers top 245 gainers and 409 counters unchanged. Among the key Asian markets, Japan's Nikkei 225 rose 2.7%, Hong Kong's Hang Seng Index gained 0.05%, and Singapore's Straits Times Index up 0.86% but the Shanghai Composite shed 0.07%. 

At Bursa, Top Glove was among the top losers after 28 of its factories in Kapar, Klang will be closed in stages following a surge in Covid-19 cases. It fell 45 sen to RM6.90 and wiped out 5.66 points from the KLCI. Maybank is now down 5.34% from the 12-month consensus target price (TP) of RM7.49 it garnered on Bloomberg. The stock has four 'buy' calls, 12 'holds' and five 'sells'.

The financial services index closed 0.9% or 111.7 points lower at 12,335.44 points. In contrast, the FBM KLCI closed 4.32 points higher at 1,500.8, as renewed buying interest in glove counters helped lift the benchmark index.

A fund manager, who declined to be named, said he is still attracted by Maybank’s dividend yield and the potential price recovery when the economy returns to normal once the pandemic is over. It suits a long-term dividend portfolio,” he said. Based on Bloomberg data, Maybank has an indicative dividend yield of 5.5%.

Foreign Investors sold RM246.32m stocks on Bursa Malaysia

Foreign investors turned net sellers on Bursa Malaysia, selling RM246.32 million for the week ended November 13, said MIDF Research. In its weekly fund flow report today, the MIDF Research team said it was the 24th consecutive week of foreign net selling. 

In a note today, the research house said the expectation of a positive foreign inflow on the back of an expansionary budget did not materialize as the selling momentum on Tuesday outweighed the net inflow on Thursday and Friday.

So far in 2020, foreign investors have sold RM19 billion net on Bursa. In comparison with the other six Asian markets we track, Malaysia still has the fourth-smallest foreign net outflow on a year-to-date basis.

As the market reopened on Monday last week, foreign investors bought RM3.53 million net of local equities, with retailers and local institutions as net buyers and net sellers at RM39.52 million and -RM43.05 million, respectively.

MIDF said as the market reopened on Monday last week, foreign investors acquired RM63.5 million net of local equities. It was also the only day of the week that Bursa experienced a foreign net inflow.

It said last Tuesday, foreign investors reverted to being net sellers in which Bursa recorded a foreign net outflow of RM49.3 million despite Malaysia posting a record high trade surplus of RM20.9 billion in June 2020 as exports rebounded into positive territory for the first time since the movement control order (MCO) period.

However, this was reversed mid-week, as the largest outflow of the week on Tuesday set the tone of the cumulative flow at RM332.97 million and continued on Wednesday at RM7.49 million. Meanwhile, the largest inflow was on Thursday at RM87.25 million,” it said.

So far in 2020, foreign investor's net selling has reached RM23.13 billion worth of equities on Bursa Malaysia. The positive sentiment was short-lived as a new wave of Covid-19 and rising protectionism might hinder countries’ efforts to restart their respective economies. 

MIDF said this coincided with a decline in Malaysia’s Producer Price Index (PPI) for local production by 4% year-on-year in June 2020 to 100.3 and an extension of the three-month loan moratorium for targeted groups last Wednesday as economic recovery was expected to be subdued amid surging Covid-19 cases.

Net buying amounted to RM11.82 billion came from retailers thus far in 2020, while institutions bought to the tune of RM10.94 billion. In terms of participation, the retail investors recorded a weekly increase of 49.17 percent in average daily trade value (ADTV) while foreign investors experienced an increase of ADTV of 83.68 percent and local institutions at ADTV of 61.11 percent. — Bernama 

In comparison with another three Southeast Asian markets that we tracked last week, Malaysia recorded the second-highest foreign net outflow after Indonesia, while Thailand experienced the least foreign net outflow.

Bursa Malaysia Maintains Positive Momentum At Midday

PETALING JAYA: Amid the positive market momentum, 54 companies hit their 52-week highs yesterday on Bursa Malaysia.

A large number of companies across the board also hit the limit up, with their share prices gaining more than 30%. At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 5.39 points to 1,505.69 after opening at 1,501.08.

On the overall market, gainers continued to dominate at 591 versus 336 losers, while 412 counters were unchanged, 757 untraded, and 20 others suspended. Market volume stood at 364.92 million worth RM2.55 billion. 

Volume hit a fresh record high at 16.68 billion shares worth RM8.56bil, compared with Wednesday’s 15.57 billion shares worth RM8.26bil. The market breadth was positive with 716 gainers outnumbering 468 losers.

While the index posted its fourth consecutive month of gain in July, driven by strong liquidity and the rally of glove stocks on expectations of positive earnings momentum, the month of August could see some volatility as the market braces for profit-taking activities.

On the main index, 18 heavyweight counters recorded gains, led by Top Glove which rose 23 sen to RM8.99, while IHH gained seven sen to RM5.07 and Hartalega added eight sen to RM17.58. 

The health-related index also dominated the active market, with the majority of Supermax’s warrants leading the way, followed by Kossan Rubber which jumped 46 sen to RM15.08, while technology player UWC leaped 43 sen to RM6.43. 

On the index board, the FBM Emas Index rose 65.66 points to 10,887.36 and the FBM Emas Shariah Index appreciated 104.61 points to 13,026.24.

The low volatility suggests that a big move may be just around the corner. The FBM KLCI’s most recent failure last week to kick beyond the 1,617 resistance level and the triple-negative divergence on its momentum indicators, coupled with the fact that the market has been held up by retailers (in 11 of the past 16 trading days, this group of market participants was the major buyers), we believe the market is due for a correction sooner rather than later the currency market front, the ringgit had been strengthening of late likely due to investor expectations that Malaysia is handling the Covid-19 situation better than thought.

Analysts at Maybank Research said in a report the US dollar-to-ringgit pair looked on track to test lower. The FBM 70 gained 169.60 points to 14,368.58, the FBMT 100 Index improved 60.96 points to 10,711.16, while the FBM ACE was 125.51 points higher at 10,129.39.

Further downside amid a new 4.15–4.25 range is likely but not without risks. Developments on US-China trade talks, Covid-19 second wave risks, and the US fiscal stimulus outcome are some risks to keep in view. Sector-wise, the Financial Services Index added 4.08 points to 12,383.61, the Plantation Index was up 26.36 points to 6,933.17, while the Industrial Products and Services Index was 0.82 of-a-point stronger at 137.30. — Bernama

Ringgit Ends Firmer Against US Dollar

The ringgit traded stronger at the close today, supported by improving global risk sentiment which triggered a weaker US dollar. As of 6pm, the local currency was traded at 4.1540/1590 versus the greenback compared with 4.1730/1780 yesterday. AxiCorp chief global market strategist Stephen Innes said. 

The ringgit retreated from its recent gains to close lower against the US dollar today despite a recovery in oil prices, amid fresh concerns over Covid-19 as the number of cases increased globally. A dealer said fears of a “second wave” of coronavirus cases intensified in several US states including Arizona, Florida, and the Carolinas that had put investors in a cautious mode. “The rising cases in the United States are worrying and renewed lockdowns in these (affected) states are pretty much unlikely."

The US dollar index (DXY), which measures the greenback's value against major currencies, extended its losses for the third consecutive day, amidst renewed expectations for the additional United States (US) fiscal stimulus and coronavirus vaccine before the year-end, dealers said. At 9 am, the local currency stood at 4.1440/1500 versus the greenback, compared with 4.1420/1460 at Wednesday’s close.

Meanwhile, the ringgit also fell against other major benchmark currencies. It decreased against the Singapore dollar to 3.0657/0717 from 3.0614/0662 recorded at Friday’s close and fell against the Japanese yen to 3.9987/9080 from 3.9897/9964. The local currency depreciated vis-a-vis the British pound to 5.3035/3151 from 5.2983/3075 and weakened against the euro to 4.7954/7052 from 4.7854/7926 previously. — Bernama. 

However, the stronger Chinese yuan, the stimulus impulse by US Presidential candidate, Joe Biden, and the weaker US dollar will help assuage the ringgit's concerns in line with Asian currency markets, which seemed to be running with Blue Wave stimulus hopes, he said. Bank Islam chief economist Dr. Mohd Afzanizam Abdul Rashid said the US dollar weakness was quite prevalent, with the greenback depreciating against the Japanese yen and the euro.

At the opening, the ringgit was also traded lower against other major currencies. It declined against the Singapore dollar to 3.0569/0618 from Wednesday’s close of 3.0555/0596  and decreased against the British pound to 5.4452/4535 from 5.4066/4122 yesterday. The local currency fell versus the yen to 3.9602/9671 from 3.9481/9531 and slipped against the euro to 4.9090/9178 from 4.9058/9109 previously.

Bursa Continues Uptrend, Hovers Near 1,600 Level

 KUALA LUMPUR: Profit-taking halted the rally on Bursa Malaysia as global markets tracked Wall Street lower amid rising coronavirus cases. Bursa Malaysia climbed higher today on optimism over Covid-19 recovery after Gilead Sciences reported some positive developments on clinical trial data. At 12.30pm, the FBM KLCI was down 8.99 points to 1,601.16 as investors sought safety in the 1,600 psychological level following recent gains. Market breadth was positive with gainers outpaced losers 380 to 164, while 299 counters were unchanged, 1,111 untraded, and 22 others suspended. Malacca Securities said US stock markets rebounded as the Dow surged 1.4 percent, reclaiming the 26,000 psychological level after Gilead Sciences said Remdesivir reduced risk death in Covid-19 patients with more studies needed. 

"Still, further upsides remain on the table over signs of a resurgence in bargain-hunting in glove-related stocks amid their attractive valuations, coupled with strong near-term fundamentals" Overnight, Wall Street retreated as several US states imposed restrictions on gatherings following another surge in Covid-19 cases. The pullback offset the euphoria experienced by global markets as Pfizer and Moderna announced breakthroughs in the development of a vaccine.

Malaysian financial counters, which marched higher in light of the news, slumped on Wednesday. Maybank fell 14 sen to RM8.16, Public Bank dropped 12 sen to RM18.78, RHB lost 11 sen to RM5.18 and CIMB slid nine sen to RM3.71. Hong Leong Bank bucked the trend to gain 10 sen to RM18. Meanwhile, Top Glove's share price stabilized after a rout yesterday on a drop-in sentiment over latex gloves demand and news that a portion of the group's workforce would be put in quarantine for Covid-19 infections.

Among heavyweights, Top Glove rose RM1.20 to RM23.12, Hartalega was 54 sen higher at RM17.60 and PetChem added eight sen to RM6.38.

Oil prices, however, were down ahead of a meeting of top producers this week. In contrast, Maybank and Tenaga shed two sen each to RM7.88 and RM11.34 respectively, while Public Bank reduced 22 sen to RM18.28. Of the most active, PDZ Holdings rose 10.5 sen to 31 sen. Vivocom was half-a-sen better at 4.5 sen and VSolar went down one sen to 4.5 sen. On the index board, the FBM Emas was 68.55 points improved at 11,275.36, the FBMT 100 Index expanded 68.26 points to 11,129.64 and the FBM Emas Shariah Index jumped 130.33 points to 12,942.28. 

The FBM 70 rose sharply by 155.72 points to 13,972.57 while the FBM ACE went up 57.56 points to 7,233.21. Sector-wise, the Financial Services Index fell 24.50 points to 13,522.14, the Industrial Products and Services Index increased 0.61 of-a-point to 139.68 and the Plantation Index appreciated 82.09 points to 6,872.11. — Bernama

K Power Revises Share Split, Free Warrants To Reward Shareholders

KUALA LUMPUR, Nov 13 -- Kumpulan Powernet Bhd (KPower) has proposed a one-to-four share split together with an issue of up to 150.8 million free warrants on the basis of one warrant for every three ordinary shares held following the share split exercise.

Kumpulan Powernet Bhd’s (KPower) share price rose more than 6% in morning trade on Bursa Malaysia today after the diversified company announced last Friday its proposed split of one existing share into four units besides its planned issuance of up to 150.78 million free warrants.

In a statement, the group said the proposal is a revision of the previous proposal of a one-to-two share split exercise announced on June 5, 2020. K Power said in a filing with Bursa that the share split aims to, among others, improve the trading liquidity of KPower shares and encourage greater participation by investors in the company’s shares.

Besides that, it said the free warrants would serve as a means for the group to raise fresh funds as and when they are exercised. We thought long and hard about how best to express our appreciation to our shareholders. This share split plus warrant is a splendid combination of a mutual win for the company and our shareholders. With the share split, there will be liquidity and the shareholders will be rewarded for staying with us for the long term.

AmInvestment Bank Bhd analyst Jeremie Yap wrote in a note last Friday that after the ex-dates of KPower’s share split and free warrant issuance,  AmInvestment’s fair value (FV) for KPower shares would be adjusted down to RM1.10. This is assuming full conversion of the warrants and the interest income [at 2% per annum] earned from the proceeds. It said the gross proceeds are expected to be utilized for the future working capital requirements of the group.

It added that the company would continue to explore new investment opportunities within the region and further solidify its ASEAN regional network after its successful investments in Indonesia and Nepal.

KPower’s current valuation of about 13 times CY21 earnings, AmInvestment believes the home-grown renewable energy player has a compelling investment case given its involvement in the green sector where the growth trajectory is just beginning.

Bursa Seen Maintaining Tight Range Trading Next Week

The covid-19 vaccine in the local market inspired rally alive on Thursday after a brief pause on profit-taking yesterday. A return to technology-focused market leaders, which thrived during COVID shutdowns but sold off earlier in the week as investors pivoted to economically-sensitive cyclical stocks, but the Bursa Malaysia out front.

While on Tuesday the yield of benchmark U.S. 10-year Treasuries reached the highest level since March, on Wednesday the U.S. bond market was closed in observance of Veterans Day.

This week we saw a bit of rotation from growth back to value, That we're back to tech has to do with its oversold nature and there's a sense of safety in heavily capitalized technology companies. Consolidation is expected to take place over the near term on the FBM KLCI as investors continue to lock in recent gains, which we deem to be a healthy move at the current juncture.

Meanwhile, we also think that the lower liners will undergo a consolidation with any weakness to be supported by the improved trading liquidity with investors continuing their quest to hunt for higher yields. the top traded stock today, shed 2.5 sen to 24.5 sen following news that it had abandoned plans to acquire industrial glove maker Pearl Glove.

Crude oil prices edged higher, extending their rally and building on gains sparked by the notion of reviving demand and a steeper-than-expected decline in Malaysian inventories. Other top active counters were Medtronic up six sen to 14.5 sen and Lambo unchanged at four sen.

The dollar gained ground against a basket of currencies and the safe-haven yen weakened on hopes that a medical solution to the pandemic could jump-start economic growth. Among the financial heavyweights, Maybank pushed higher by eight sen to RM7.77, Public Bank gained six sen to RM17.74, Hong Leong Bank rose 10 sen to RM16.70 and four sen to RM3.34.

Gold prices slid, hurt by a stronger dollar, and increased risk appetite which drew investors away from the safe-haven metal. Among the financial heavyweights, Maybank pushed higher by eight sen to RM7.77, Public Bank gained six sen to RM17.74, Hong Leong Bank rose 10 sen to RM16.70 and four sen to RM3.34.

Regional markets meanwhile stayed mostly flat as investors digested some of the previous gains. Both Japan's and China's key indices were unchanged while Hong Kong's Hang Seng dipped 0.4%.

Biden Leading The US Election Effect On Malaysian Stock Market

Presidential elections between President Donald Trump and former Vice President Joe Biden could have dramatic effects on various stocks and sectors, and investors have spent months trying to identify potential winners and losers. The result of the United States presidential election is expected to have a lasting, positive effect on Malaysian's stock market in the mid- to long-term.

Malaysia’s Budget 2021 is also a crucial highlight this event-heavy week which also saw Bank Negara Malaysia maintained the Overnight Policy Rate at 1.75.

Malaysia's prime minister urged lawmakers to pass the 2021 budget, in spite of efforts by the opposition to oust his government and pressure from unhappy partners within the governing coalition.

Bursa Technology index constituents pared gains when markets closed. At 5pm, leading gainer MPI ended at RM24.10 while Unisem finished at RM6.11 as investors took a cue from US stocks' overnight performance. Malaysia's 10-year benchmark yield up 0.4 basis points to 2.625%.

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