Bursa to wrap results period on a flat note


KUALA LUMPUR: Malaysia's benchmark stock index is poised to end the month on a flat note, after having erased nearly all its gains made earlier in the month.

At 12.30pm, the FBM KLCI stood at 1,445.26, about three points higher than its closing price at end-October.

The local market had entered a consolidation phase in the absence of fresh leads even as Asian markets are set to close the month at their highest in 10 months.

Optimism that the US Federal Reserve is set to end its rate hikes in view of easing inflation has buoyed interest in equities, although much of this sentiment in Asia has been centred on the key regional players.

In Japan, the Nikkei was up 0.1% to 33,341, on track to ending the month with an 8% gain.

South Korea's Kospi, meanwhile, was on course to end the day flat at 2,519. The major index tacked on nearly 11% during the month, making it one of the leading gainers in the region.

China's composite index was up 0.2% to 3,025, and only a fraction higher over the month as investors remained wary over the economy's slowing growth.

Hong Kong's Hang Seng rose 0.2% to 17,024, but was down 0.5% since end-October after experiencing volatility in the outlook of Chinese technology companies.

On Bursa Malaysia, CelcomDigi climbed nine sen to RM4.22 to offset the weakness see on the index.

Plantation counters were lower including Kuala Lumpur Kepong dropping 18 sen to RM21.32, IOI sliding four sen to RM3.95 and Sime Darby Plantation falling two sen to RM4.53.

Hong Leong Bank was seen falling eight sen to RM19.02 leading up to the release of its latest quarterly results.

In contrast, CIMB, which is expecting its own earnings announcement later today, gained two sen to RM5.66.

Among gainers, QL Resources jumped 21 sen to RM5.62 on the back of positive results announced yesterday while United Plantations climbed 30 sen to RM16.22 and Able Gobal surged 13 sen to RM1.42.

Top actives included Kanger down 1.5 sen to seven sen, Velesto rising one sen to 23 sen and Top Glove falling 3.5 sen to 82.5 sen.

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