Stocks end higher in choppy trading

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.