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apple developer account:KLCI bounces higher ahead of final Budget vote

admin2020-12-2941

KUALA LUMPUR: The FBM KLCI turned positive in late-morning trading as the final reading of Budget 2021 came underway in Parliament.At 12.30pm, the key index was up 7.25 points to 1,669.99, erasing some of the losses seen during yesterday's late sell-off.As lawmakers vote on the final two allocations for the Education and Higher Education ministries at the committee stage, investors grew anxious over a possible defeat of the Budget, which would be akin to a no-confidence vote against the Perikatan Nasional administration.Public Bank rose 40 sen to RM21.70 and Hong Leong Bank added 32 sen to RM18.92.Top Glove climbed eight sen to RM6.38 while Tenaga Nasional gained 20 sen to RM10.80RHB meanwhile was down 22 sen to RM5.63 on news that Aabar Investments was in the midst of disposing its remaining stake in the bank for a reported price of RM5.45 to RM5.62.The return to positive territory helped to alleviate fears of an accelerated retreat in equities as analysts have warned of a correction following the price increases in recent days.Among the actively traded counters, Hua-An was up three sen to 19 sen, YongTai rose two sen to 30.5 sen and AirAsia X slipped 0.5 sen to 10 sen.Elsewhere in Asia, equities retreated amid the growing number of Covid-19 deaths and infections even as distribution of Pfizer's Covid-19 vaccine had started in the US.Japan's Nikkei was down 0.3% and Shanghai's composite index dropped 0.45%.South Korea's Kospi and Hong Kong's Hang Seng slid 0.65% each while Australia's ASX 200 dropped 0.3%.
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