Bursa Malaysia drifts sideways as investors await start of US election


KUALA LUMPUR: Bursa Malaysia made a cautious start on Tuesday following the previous day's rally, and ahead of the US presidential election.

The FBM KLCI was up 1.77 points ot 1,618.20 at the opening bell, but was unable to move higher than that as investors opted for the sidelines.

The major US stock indices edged lower overnight due to the prevailing caution over the outcome of the presidential race, while investors transitioned to safe-haven assets like US Treasuries.

Malacca Securities Research said the trading sentiment in Malaysia may favour export-drive sectors such as gloves and technology given the weaker ringgit environment.

Meanwhile, consumer products and industrial products and services may see moderate gains.

"In line with the surge in commodity prices, sectors such as oil and gas, plantation, and gold-related industries are likely to gain momentum in the near term," it added in a note.

Leading gainers on the market included United Plantations surging 54 sen to RM27.50, F&N rising 40 sen to RM431.30 and Gamuda climbing 18 sen to RM8.83.

Alliance Bank was see adding five sen to RM4.45 while Takaful Malaysia gained five sen to RM3.95.

Leading actives were Sorento up 0.5 sen to 40 sen, Jaks Resources gaining one sen to 14 sen and BSL Corp flat at 2.5 sen.

In early trade, Japan's Nikkei was up 0.74% to 20,567 while Singapore's Straits Times dipped 0.37% to 3,558.

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