FBM KLCI lifts as investors shop for oversold blue chips


KUALA LUMPUR: The FBM KLCI ended the early session slightly higher as a lull took over global markets ahead of the US presidential election tonight.

The benchmark was up 3.22 points to 1,619.65 as investors picked up bargains following the sharp decline in the previous week.

Nevertheless, trading on the index was limited to a narrow band of about seven points from 1,613.91 to 1,620.27.

The market spread was negative with 443 decliners compared to 388 gainers. Trading volume was 1.47 billion shares changing hands for RM988.49mil.

Heavyweight counters on the rise included CIMB gaining six sen to RM8.10, Maybank adding six sen to RM10.50, PPB jumping 12 sen to RM14.32, and SD Guthrie adding five sen to RM5.

On the broader market, leading gainers were United Plantations up 80 sen to RM27.76, Malayan Cement leaping 17 sen to RM4.87, Boustead Heavy Industries climbing 12.5 sen to 40 sen and Chin Tek gaining 11 sen to RM8.09.

Elsewhere, observers remain wary that China faces greater tariff risks should Republican candidate Donald Trump bag the win in the polls, giving rise to fears over growing trade conflict.

China's composite index was 1.8% higher at 3,369 following the release of a services report that showed expansion.

Hong Kong's Hang Seng gained 1.24% to 20,823.

Japan's Nikkei rose 1.38% to 38,573 while Singapore's Straits Times dipped 0.1% to 3,569.

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