Stocks end higher in choppy trad­ing

The Sun (Malaysia) - - SPEAK UP -

BURSA Malaysia ended on a high note yes­ter­day, gain­ing 0.35% af­ter a choppy ses­sion, par­tic­u­larly in the lat­ter half of the day, as mar­kets fo­cused on the out­come of the US mid-term con­gres­sional elec­tions on Tues­day.

The FBM KLCI closed higher at 1,714.88, up 6.08 points. The key in­dex opened 3.91 points higher at 1,712.71 and moved be­tween 1,704.93 and 1,715.98 dur­ing the day.

Mar­ket breadth was pos­i­tive, with gain­ers out­pac­ing losers 440 to 378, while 369 were un­changed, 666 un­traded and 19 sus­pended.

Of the heavy­weights, May­bank gave up 10 sen to RM9.28, Pub­lic Bank and TNB added 2 sen each to RM24.60 and RM14.82, while Petronas Chem­i­cals and CIMB were both flat at RM9.70 and RM5.68.

The most ac­tive stock was Sa­pura En­ergy, which gained 1.5 sen to 37 sen, fol­lowed by Data­sonic and Gent­ing Malaysia, which were both 3 sen higher at 48 sen and RM3.64 re­spec­tively. Prestar­i­ang de­clined five sen to 71.5 sen.

Bank Is­lam Malaysia Bhd chief econ­o­mist Mohd Afzanizam Ab­dul Rashid said the mar­ket re­ac­tion in Asia was mixed.

“Per­haps the mar­kets are still di­gest­ing the po­ten­tial im­pact from the US mid-term elec­tions. We be­lieve it should be good for the mar­kets since de­ci­sions on tradere­lated mat­ters will not be eas­ily passed by the con­gress­men, es­pe­cially Democrats,” he told Ber­nama.

Ac­cord­ing to re­ports, the Democrats have re­gained con­trol of the House of Rep­re­sen­ta­tives while the Repub­li­cans re­tained their ma­jor­ity seats in Se­nate, which is ex­pected to cre­ate a more bal­anced de­ci­sion­mak­ing process with greater check and bal­ance be­tween the two houses.

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