KUALA LUMPUR, Oct 20 — Bursa Malaysia erased yesterday’s gains, turning to the red at lunch break on profit-taking among investors amid cautious market sentiment as the US Senate plans to vote on the US$500 billion aid package this week.

However, losses on the local bourse were capped by bargain-hunting in the lower liners.

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 1.52 points, or 0.10 per cent, to 1,516.59 from 1,518.11 at yesterday’s close.

The market barometer opened 0.39 point higher at 1,518.50 and moved between 1,514.10 and 1,520.97 throughout the morning trading session.

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On the scoreboard, losers beat gainers 566 to 383, while 411 counters were unchanged, 791 untraded and 22 others suspended.

Total volume stood at 6.50 billion units worth RM3.22 billion.

Malacca Securities Sdn Bhd, in a note, said positive Chinese economic data may serve as a leading indicator of global economic recovery should Covid-19 were to be contained over the foreseeable future.

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China yesterday released its third quarter gross domestic product (GDP) that saw the economy posted a 4.9 per cent growth (fuelled by exports), a more positive number from the first quarter when China’s GDP contracted a historic 6.8 per cent.

“The lower liners could have follow through buying support today and for sector focus, we continue to favour the healthcare sector as a proxy to the rising number of new Covid-19 cases across the globe that is not demonstrating any signs of turning back.

“Meanwhile, automotive-related players may see improved trading interests, taking the cue from the 26.4 per cent month-on-month rise in vehicle sales to 44,666 units in September 2020,” it said.

Among heavyweights, Maybank added four sen to RM7.24, Public Bank gained eight sen to RM15.92, while Top Glove went down three sen to RM9.57, and Hartalega was flat at RM19.

Of the actives, Lambo was flat at 3.5 sen, soon to be rubber glove makers Luster and Mah Sing each recorded 3.5 sen and 12 sen gains to 26 sen and RM1.36, respectively.

On the index board, the FBM Emas Index slipped 10.08 points to 11,027.90, the FBM Emas Shariah Index fell 24.35 points to 13,265.24, and the FBMT 100 Index went down 15.55 points to 10,813.38.

The FBM 70 depreciated 39.04 points to 14,601.76 and the FBM ACE contracted 77.64 points to 11,094.11.

The Financial Services Index gained 10.11 points to 12,455.35, the Industrial Products and Services Index added 0.48 point to 146.99 but the Plantation Index shrank 25.15 points to 6,892.37. — Bernama